Karnataka, India-based leading EV infrastructure and software company, Bolt.Earth raised USD 20 million in funding. The company announced the closure of the investment on October 4, 2023. A consortium of longstanding and new investors, such as Union Square Ventures, Prime Venture Partners, and ITIGO Funds, joined in the funding. In addition, several others who align with Bolt.Earth’s vision for a sustainable and electrified transportation ecosystem also provided the funding.
Purpose of financing for Bolt.Earth
With the latest financing, Bolt.Earth seeks to fund the expansion of its charging network. Earlier, the company achieved the milestone of successfully deploying more than 30,000 EV charging points within its charging network. The company currently serves a wide spectrum of charging needs, with options spanning across slow to fast charging, featuring power outputs from 3.3 kW to 240 kW. Besides, the company seeks to deploy funds towards product enhancement: The financing is significant in advancing the company’s stellar product portfolio with a balanced mix of slow and fast charging points, catering to a varied customer base.
Moreover, the company has plans to invest in the operating system deployment. Bolt.Earth OS embodies a commitment to a smarter and safer tomorrow, going beyond technology to promise a greener future. For OEMs and EV dealers seeking seamless upgrades, their low-code integration platform enables EVs to become software-defined vehicles. In addition, the company aims to acquire talent. Bolt.Earth seeks to ramp up hiring onboard top-tier professionals across a spectrum of operations such as tech, engineering and product.
Besides, the company looks further to explore international expansion. With the latest financing, the company seeks to strengthen its ambitious agenda to extend its presence beyond existing markets, catalyzing the uptake of electric vehicles in Asia, Europe, South America, and Latin America.
What the company’s official has to add
Mr. Jyotiranjan Harichandan, Co-founder, Bolt.Earth said, “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.”
In addition, Mr. Mohit Yadav, Co-founder, Bolt.Earth further 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.”
About the company
Jyotiranjan Harichandan and Mohit Yadav launched the company in 2017. Bolt.Earth provides charging solutions to various organizations spanning businesses, individuals, real estate companies, fleet operators, and the government.
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