Bolt.Earth, a prominent Indian startup specializing in charging infrastructure and software solutions for electric vehicles (EVs), has secured $20 million in funding to expand its operations across India and explore new markets. This recent funding round saw participation from both existing and new investors, including Union Square Ventures, Prime Venture Partners, and ITIGO Funds.
Key Takeaway
Bolt.Earth, an Indian startup specializing in EV charging infrastructure and software solutions, has raised $20 million in funding. The investment will aid in expanding the company’s charging network, strengthening its presence in India, and entering new markets globally, including Asia, Europe, South America, and Latin America. Bolt.Earth plans to enhance its product portfolio, deploy its operating system on more vehicles, and hire new talent across multiple disciplines.
Foundation and Growth
Established in 2017, Bolt.Earth initially focused on developing connected devices as part of its REVOS brand. However, the company diversified in 2018 by venturing into the charging network business. Bolt.Earth’s infrastructure and software solutions cater to both two-wheeler and three-wheeler EVs.
The startup plans to utilize the funding to expand its charging network, which currently comprises over 30,000 charging points spread across 11 cities. Its charging options range from fast to slow, with power outputs varying from 3.3 kW to 240 kW. With more than 150,000 users already on board, Bolt.Earth aims to further grow its infrastructure at a monthly rate of approximately 2,000 new charging points.
Global Expansion and Product Enhancement
In addition to bolstering its charging infrastructure, Bolt.Earth intends to expand its presence in Asia, Europe, South America, and Latin America. To achieve this, the startup plans to deploy its operating system, known as Bolt.Earth OS, on newer vehicles and enhance its product portfolio. Bolt.Earth’s low-code integration platform is already implemented on over 20,000 EVs in India, offering software-defined experiences to original equipment manufacturers (OEMs) and EV dealers.
Talent Acquisition
With a portion of the new funding, Bolt.Earth aims to attract fresh talent across various disciplines, including talent acquisition, engineering, and product development.
