ReadyAssist lines up $8 million investment to set up EV stores

Bengaluru-based startup ReadyAssist on Monday said it plans to invest USD 8 million (around Rs 60 crore) in one year to augment electric vehicles infrastructure in the country.

As part of the initiative, the company plans to set up phygital stores (physical stores augmented by digital capabilities) under brand name GRID in 200 prime locations across top ten cities in the country.

The company noted that GRID will have in-house quick service kiosk, battery swap facilities, EV charging infrastructure for both two and four-wheelers.

The company already has thousands of mechanics upskilled on EV capabilities to service its road-side assistance (RSA) and annual maintenance contract (AMC) customers across India.

The new service aims to extend roadside emergency assistance to the EV segment along with strengthening EV charging/swapping infrastructure.

“Today, the biggest consumer barrier when it comes to opting for an EV is range anxiety and vehicle performance. OEMs are already very committed towards building better EVs everyday by heavily investing on the R&D front. We, at ReadyAssist, believe it is also our duty to add value to the customers and the ecosystem by investing and innovating on the EV service offerings and its infrastructure,” ReadyAssist founder and CEO Vimal Singh said in a statement.

India is home to around 1 million EVs and is projected to grow at a CAGR (compound annual growth rate) of 36 per cent by 2026.

According to CEEW-CEF, the EV market in India is expected to be a USD 206 billion opportunity by 2030, and would require a cumulative investment of over USD 180 billion in vehicle production and setting up the charging infrastructures.

Launched in 2019, ReadyAssist has grown from 20 mechanics to 5,000 plus mechanics today covering over 700 districts in the country. The company also provides pan-India roadside assistance to electric vehicles (EV) across 5,000 locations in India.