NIKOL EV raises pre-seed round of funding from EvolveX

NIKOL EV, an EV startup, has raised an undisclosed sum in the pre-seed round of funding from EvolveX, an early-stage program founded by We Founder Circle. Other investors who participated in the round include Vikas Aggarwal, Neeraj Tyagi, and Bhawna Bhatnagar.

NIKOL EV plans to use the funding amount to strengthen its team and establish a backend support system to facilitate business scaling. The company also aims to develop a hybrid charger capable of charging 2-, 3-, and 4-wheelers simultaneously, with a portion of the funds allocated for testing and certification.

NIKOL EV is building EV charging infrastructure in the country with a focus on providing innovative and sustainable solutions and a customer-centric approach in their service for a seamless charging experience.

"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," said Bhawna Bhatnagar, co-founder of EvolveX.

Previously, EvolveX has invested in companies like UcliQ, a B2B marketplace for chicken and seafood; PrintBrix, an all-in-one branding and promotional platform; EV social commerce startup EVINDIA; Metabook XR, a VR learning platform for K12 students, among others.

On Tuesday, another EV startup, Raptee, also announced that it had received $3 million in a pre-Series A round led by Bluehill Capital.