EV charger manufacturer Exicom plans to expand its product offering and intends to launch new chargers for light electric vehicles including the 2W and 3W segment in the coming year, says Anant Nahata, Managing Director, Exicom.
Currently, the company’s electric charging solutions division mainly cater to the heavy electric vehicle segments and estimates a big potential in the LEV segment going forward. Its partners include EV players such as MG, Audi, Tata Motors, Hyundai, Kia, Volvo, and Mercedes-Benz.
“We do have a small presence in the light electric vehicle market, particularly the two-wheelers and three-wheelers, but with the latest standardization of indigenous AC and DC combined charging connectors for light electric vehicles (LEVs), we expect to launch more products now,” said the MD.
It started the EV charging solution business in 2019 and claims to have seen significant growth in business, which went up from ₹40 crore in 2019 to almost ₹225 crore in FY23. Further, since its inception, it has deployed a total of 35,000 chargers across the country.
At a group level, the company made a turnover of around ₹700 crore in the last financial year. It operates in two divisions: charging solutions and critical power solutions.
The company has also filed preliminary papers with capital markets regulator SEBI to raise funds through an initial public offering (IPO). “The raised funds investment through the IPO will go into three areas including around ₹150 crore in the upcoming manufacturing facility in Hyderabad, R&D, and working capital needs,” he added.
Moreover, Exicom which already has an international footprint in Southeast Asia and the Middle East, has also recently expanded to the UK and European markets. “For the initial year, we expects to start with a single-digit contribution only.” Further, the company plans to strengthen its distribution channel and will be providing EV chargers through direct sales channels too.
Although the company has forayed into the international market, the domestic market continues to be the main focus for them, noted Nahata.