What does it take to build an EV battery startup when there is no MVP, no playbook and no revenue for years? Twin sisters Nikita and Nishita Baliarsingh, co-founders of Nexus Power, say it takes research, patience and a calculated risk.
In this episode of The Builders Club Startup Founders Podcast, they explain how they chose the problem, why starting late can be an advantage, and how deep-tech founders should think about funding and valuation.
How do you build an EV battery startup? The Nexus Power founders’ approach
Nikita and Nishita started from a customer problem: electric vehicles charge slowly, have limited range and lack charging infrastructure, and the battery sits at the centre of all three. They spent about a year and a half researching the industry, the technology and the standards before committing.
Their approach to risk is to understand the depth of the well before you jump in. That means theoretical research first, then a proof of concept, then repeated trial and error while keeping the team motivated.
- Find the root problem. They traced EV hesitation back to the battery.
- Research before building. Industry norms, such as ARAI standards, shape what can be commercialised.
- Treat failures as data. Many experiments failed before the first prototype worked.
- Plan funding early. A first raise can take six to seven months, and the next one starts soon after.
What is Nexus Power and how did it start?
Nexus Power is building biodegradable, bio-organic batteries for electric vehicles. In the episode intro, the host says the batteries are designed to charge several times faster and last 20 to 30 percent longer than conventional ones, and that the company holds a patent.
The founders had wanted to be entrepreneurs since they were around 11 or 12, and sustainability papers in college pointed them toward clean technology. After researching electric vehicles, they asked people why they were not buying them and concluded that the battery was the real problem.
Their team grew from the two of them to about 18 people in roughly a year and a half.
How ready is the EV ecosystem in India?
The sisters described the sector as very new globally. Two-wheeler and three-wheeler EVs are only beginning to take off in India, four-wheelers are further away, and charging stations are far fewer than petrol pumps.
They pointed to government targets and state-level EV policies as strong green signals, and said people are accepting EVs more than before.
- Two- and three-wheelers are the early segment
- Four-wheelers are yet to see mass adoption
- Charging infrastructure is still limited
- State and central policies are supportive
Is starting later than established players a disadvantage?
Nikita sees it as an advantage. Companies that started a decade earlier have left behind research, patents and lessons, so newcomers know what not to try.
Nishita added a caution: an early mover could reach the market first, and she has felt some worry about that. Her way of managing it is to expect the product to evolve as the team learns.
They also said the timeline is long, with several years likely before revenue.
Where are the gaps for new EV founders?
The founders suggested looking beyond batteries and chargers. They noted that the auto components expo of 2020 had almost no EV-specific component players.
- Motors and drive configurations
- Single-gear transmissions and gearboxes
- Chassis and vehicle body design
- Sustainable materials for battery pack casing
Why do standards and raw materials matter in battery design?
Nishita explained that battery packs must meet norms set by the Automotive Research Association of India (ARAI), including size and weight ranges. A pack outside those ranges is hard to commercialise.
A pack also needs to be standardised so that it can fit multiple brands and vehicles. Cost depends heavily on raw materials and energy density, not only on size.
Nexus Power uses crop residue as raw material, which they say links two problems: stubble burning and battery materials. They also cautioned that EVs only cut pollution if the electricity comes from sustainable sources.
- Meet ARAI size and weight standards
- Design packs that fit multiple vehicle brands
- Choose raw materials that control cost
- Improve energy density to reduce the number of cells
How do you validate a product when there is no MVP?
The founders said validation is a series of steps: heavy theoretical research, a proof of concept, then trial and error. Hold your patience, record everything, and expect that the right chemistry may take years.
Their first prototype was made at home during the 2020 lockdown, using chickpeas and kidney beans. They say it surprised their parents and showed the value of exploring unconventional ideas.
They view failed experiments as steps that tell you what not to repeat.
How should deep-tech founders think about funding and valuation?
For R&D-heavy startups, the founders listed government grants, angel investors, early-stage VCs, incubator seed funds and Department of Science and Technology seed funds tied to technology readiness levels. They noted that ideas alone rarely get funded now, and a working prototype helps.
On valuation, Nishita said there is no fixed formula at the proof-of-concept stage; investors weigh technology, market size and the team. She mentioned that maximum dilution of about 10 to 15 percent is generally considered ideal at that stage, though it varies.
Her advice was not to accept an offer just to be funded, to keep the next round in mind, and to expect a first raise to take at least six to seven months. They also noted that bootstrapping is a valid option, with Zoho as an example.
- Grants and seed funds for early R&D
- Angels and early-stage VCs once a prototype exists
- Avoid giving away too much in the first round
- Start planning the next raise soon after the first
Further reading and sources
- Electric vehicle on Wikipedia
- Lithium-ion battery on Wikipedia
- Automotive Research Association of India on Wikipedia
Frequently asked questions
How can a deep-tech startup raise funds without an MVP?
Nikita and Nishita say funding on an idea alone has become rare in India. Grants, family and friends and savings can fund early R&D, while angels, early-stage VCs and incubator seed funds typically want a working prototype. A strong team and a large market also help.
How much equity should founders give away at the prototype stage?
Nishita said around 10 to 15 percent maximum dilution is generally considered ideal at the proof-of-concept stage, though there is no fixed rule. Founders should avoid giving away too much in the first round because later rounds depend on it.
How long does it take to raise a first funding round?
The founders said it takes at least six to seven months, often longer, and involves heavy paperwork and due diligence. They advise planning the next raise as soon as you close a round.
Conclusion
Nikita and Nishita Baliarsingh show that deep-tech building is a long game: learn the industry, respect the standards, run disciplined experiments and plan your funding runway.
If you are exploring hardware or deep tech, write down the problem you are solving, the standards you must meet, and a realistic timeline to your first prototype and first raise.
Want more conversations like this? Join The Builders Club, our community of 35,000+ founders and CXOs, and explore more episodes of the Startup Founders Podcast.
