"Exicom Set to Expand Product Line, Targets Launch of New Chargers for Low Emission Vehicles (LEVs)"

In a strategic move to broaden its product portfolio, Exicom, a prominent electric vehicle (EV) charger manufacturer, is gearing up to launch new chargers specifically designed for light electric vehicles (LEVs), including the 2W and 3W segments. Anant Nahata, the Managing Director of Exicom, revealed the company's ambitious plans for the upcoming year.

While Exicom's electric charging solutions division currently primarily caters to the heavy electric vehicle segments, it sees significant potential in the growing LEV market. The company's existing partnerships include prominent EV players such as MG, Audi, Tata Motors, Hyundai, Kia, Volvo, and Mercedes-Benz.

Nahata stated, "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."

Having entered the EV charging solutions business in 2019, Exicom boasts substantial business growth, with revenues surging from ₹40 crore in 2019 to almost ₹225 crore in the fiscal year 2023. Since its inception, the company has deployed a total of 35,000 chargers across the country.

Operating in two divisions, charging solutions and critical power solutions, Exicom reported a group-level turnover of around ₹700 crore in the last financial year. The company is now taking steps towards further expansion by filing preliminary papers with capital markets regulator SEBI for an initial public offering (IPO). Nahata outlined the allocation of raised funds, mentioning, "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."

Exicom, with an established international footprint in Southeast Asia and the Middle East, recently expanded its operations to the UK and European markets. While emphasizing its commitment to the domestic market, Nahata also highlighted plans to strengthen distribution channels and provide EV chargers through direct sales channels.

Despite venturing into international markets, Exicom continues to prioritize the domestic market as its main focus.

HBL