Exicom, which provides charging solutions for electric vehicles (EVs), will set up a legal entity in Europe in order to succeed in a new market.
“The plan is to create a legal entity and also work with distributor partners. If we just sit in India and try to distribute through distributors, we can’t build a big business. Having a local presence is crucial because, like every market, the European market has different regulations, a lot of complications, and a different language,” said Priyank Agarwal, Vice- President, Strategy and Business Development – Electric Mobility, Exicom.
The company is considering markets including the Nordics, the UK and the western part of Europe. “We have initiated the implementation of our strategic plan, which includes staffing and establishing our office. Our operations are expected to commence by the end of the CY 2023.”
In FY22, it posted revenues of ₹71 crore and expects to close this year at around ₹200 crore.
To reach its five-year goal, the company is increasing its international presence and estimates that its European expansion will generate $50 million in revenue in the next five years.
He told businessline, “In the current fiscal year, we anticipate revenue of $1 million from our charging business in the SEA market, of which $0.6 million has been raised till January 23. Currently, we are present in Malaysia with a 40 per cent market share. Though it is a small market, it demonstrates that we can compete on the world stage. And now we are launching in Europe.”
In terms of investment, including the new manufacturing plant in Hyderabad and the Europe expansion, it will invest Rs 200 crore over the next two years.
However, Agarwal noted, “India will remain our biggest market as per our strategy. We supply chargers and home charging solutions to more than 80 per cent of the Indian market. To grow further in the domestic market, we will launch new products and are planning a product refresh for the entire portfolio, which we do every 3–4 years.” The company works with players such as MG, TATA, Mahindra, KIA, Hyundai, Audi, Volvo, and more.
Exicom’s current product line includes AC units from 3.3 kW to 22 kW and DC fast chargers with capacities ranging from 15 kW to 360 kW. The company produces more than 16 different charger variations and has a monthly production capacity of 3,000 to 4,000 units. Additionally, it also has a small charger, the Spin Free, which is a compact, portable charger that is included with electric vehicles (EVs) and has a power output of 3.3 Kw.