Charging solutions provider Bolt.Earth secures $20 million investment

EV Charging Solutions company Bolt.Earth has secured an investment of $20 million in a funding round led by a consortium of investors, including Union Square Ventures, Prime Venture Partners, and ITIGO Funds.

“Bolt.Earth offers an Operating System, a connected platform technology helping OEMs to develop, operate, and monitor their charging network and vehicles. We are also continuously expanding our charging network at a rate of approximately 2,000 new charging points per month. Additionally, we currently hold more than 50% market share in India’s EV charging network and play a dominant role in India’s EV Operating System nexus with our deployed chargers and software-defined vehicles”, said Jyotiranjan Harichandan, Co-founder, Bolt.Earth.

As per a company release, the allocated funds will be utilized for the following purposes:

• Charging Network Expansion: Bolt.Earth has recently deployed over 30,000 EV charging points, accommodating various charging needs, from slow to fast charging, with power outputs ranging from 3.3 kW to 240 kW.

• Product Enhancement: The investment will be used to enhance Bolt.Earth’s product portfolio, including a mix of slow and fast charging points, comprising Bolt.Earth Lite, Bolt.Earth Lite Connected, Bolt.Earth LEVAC, Bolt.Earth Level 2 & 3.

• Operating System Deployment: Bolt.Earth’s operating system allows OEMs and EV dealers to upgrade their electric vehicles into software-defined entities.

• Talent Acquisition: To bring on board top-tier professionals across various disciplines, including technology, engineering, and product development.

• International Expansion: The funds will support Bolt.Earth’s plans to expand its presence beyond existing markets, with the aim of accelerating the adoption of electric vehicles in Asia, Europe, South America, and Latin America.

Mohit Yadav, Co-founder, Bolt.Earth, commented, “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.”

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