Union Square Ventures backs Indian EV infra startup Bolt.Earth in $20M funding
Bolt.Earth, an Indian startup that offers charging infrastructure and software solutions for electric vehicles, has raised $20 million in a funding round to expand its presence within the South Asian nation and enter into new markets.
The Bengaluru-based startup has raised fresh capital from its existing and new investors, including Union Square Ventures, Prime Venture Partners and ITIGO Funds, among others.
Founded in 2017, Bolt.Earth offers its infrastructure and software solutions for two- and three-wheeler EVs. The startup initially started its journey to create connected devices under the brand REVOS. However, in 2018, it expanded its footprint and began its charging network business.
Bolt.Earth said the funding will be utilized to expand its charging network from its existing charging points base of over 30,000 in more than 11 cities. The startup offers fast and slow charging options, with power outputs ranging from 3.3 kW to 240 kW. It touts to have over 150,000 users.
Bolt.Earth co-founder Jyotiranjan Harichandan said the startup already covers more than 50% of India’s EV charging network and is expanding its infrastructure at a rate of about 2,000 new charging points a month.
Alongside expanding its charging infrastructure, the funding will be used to extend Bolt.Earth’s presence and enter new markets in Asia, Europe, South America and Latin America, the startup said. It also looks to enhance its product portfolio and deploy its operating system called Bolt.Earth OS to newer vehicles. The startup offers its low-code integration platform to OEMs and EV dealers to offer software-defined experiences on EVs. The software already runs on over 20,000 EVs in India.
The startup is also set to use a part of its new funding to hire fresh talent across disciplines, including talent, engineering and product.
“We are thrilled to have the backing of visionary investors who share our passion for transforming the EV ecosystem. The current $20 million fund-raise is a part of the company’s plan to further its reach to every nook and corner of the country, and to begin the era of ‘Make in India’ EV charging infrastructure products in the global market,” said Mohit Yadav, co-founder, Bolt.Earth, in a prepared statement.
Before the latest funding, Bolt.Earth had raised $4.61 million, with $4 million coming in a Series A round in September 2021, per the data available on Tracxn.
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