June 22, 2024

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EvolveX Invests Undisclosed Amount in Pre-Seed Round of EV Startup NIKOL EV

NIKOL EV is committed to Install 1 Lakh EV Charging Stations in India by 2030

Pune, 26 September 2023: EvolveX, an early-stage program founded by We Founder Circle, that has been providing high-impact acceleration to early-revenue startups, has announced its recent investment in NIKOL EV. Emerging as a standout startup from EvolveX’s Cohort 3, NIKOL EV launched in August 2021 and is set to revolutionize India’s Electric Vehicle (EV) industry with its innovative approach to EV Charging Infrastructure.

The Pre-Seed funding round saw participation from notable investors including Vikas Aggarwal, Neeraj Tyagi, and Bhawna Bhatnagar. With this funding, NIKOL EV plans to strengthen its team with experienced professionals and establish a robust backend support system to facilitate business scaling. Additionally, the company aims to develop a hybrid charger capable of charging 2-wheelers, 3-wheelers, and 4-wheelers simultaneously, with a portion of the funds allocated for testing and certification.

Founded by Arjun D Pawar, NIKOL EV is determined to bridge the gap between the surging demand for electric vehicles and the current EV charging infrastructure in India. Presently, over 70% of chargers in the country remain non-operational due to a lack of support and maintenance, and the functional ones often lack basic civil infrastructure for customers to spend their leisure time during the charging process. In response, NIKOL EV is establishing India’s largest and operational EV charging infrastructure. By developing their own chargers and setting up Fast EV charging stations with an impressive uptime of over 95% (compared to the industry average of 60%), NIKOL EV is committed to enhancing the EV charging experience.

The startup’s mobile application boasts a comprehensive network of over 3,000 chargers, enabling EV owners to easily locate, book, review, and make secure payments for their charging needs. In addition, NIKOL EV has gained support from Science & Technology Park, University of Pune under the NIDHI Prayas program, adding further credibility to their mission.

Commenting on the investment, Bhawna Bhatnagar, Co-Founder of EvolveX, stated, “Insufficient charging infrastructure continues to pose a major barrier to achieving widespread adoption of electric vehicles (EVs). The scarcity of charging stations and the persistent issue of range anxiety discourage potential buyers from fully embracing the transition to electric vehicles. At EvolveX, we are committed to addressing this challenge by investing in startups like NIKOL EV. With their commitment to enhancing accessibility and uptime of EV charging stations, NIKOL EV emerges as a key driver of mass-scale EV adoption, contributing to a cleaner, sustainable transportation landscape.”

Founder and CEO of NIKOL EV, Arjun D Pawar, brings a wealth of experience in the EV industry, having worked in multiple domains before becoming a leading voice in the electric vehicle space. Under his guidance, NIKOL EV is aiming to install an impressive 1 Lakh EV charging stations in India by 2030. Alongside NIKOL EV, Arjun is also the visionary behind EV Duniya, an online platform committed to providing the latest news, articles, and informative videos related to the EV industry.

Expressing gratitude to EvolveX, Arjun D Pawar, Founder & CEO, NIKOL EV affirmed, “We want to thank EvolveX & We Founder Circle for showing their trust in us and our vision. We are turning EV owner’s experience of non-availability and non-functionality of chargers into a pleasant charging experience and with the support of our investors we will be able to create a healthy ecosystem for EV stakeholders and scale faster towards adoption of Electric Vehicles in India.”

EvolveX stands at the forefront of fostering innovation and providing steadfast support to promising startups embarking on their journey to success. The accelerator’s investment in NIKOL EV serves as a resolute reaffirmation of its dedication to nurturing groundbreaking ideas capable of transforming industries and addressing critical challenges head-on.

About EvolveX

EvolveX is an early-stage program founded by We Founder Circle, that has been providing high-impact acceleration to early-revenue startups from various sectors since its inception in 2021. With a mission to take startups to the next level, EvolveX offers its extensive network of seasoned mentors and successful entrepreneurs to guide startups on their journey to success. The program offers a range of benefits, including one-on-one mentorship sessions with handpicked angel investors and industry experts, upfront funding of $30K, and $200K worth of credits. EvolveX is committed to providing a continuous opportunity for startups, and applications are accepted on a rolling basis.

About Nikol EV

NIKOL EV is building one of the largest and operational EV charging Infrastructure in India with a focus on providing innovative and sustainable solutions and a customer-centric approach in their service for a seamless and pleasant charging experience.

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