Charging infrastructure provider Bolt.Earth has raised a funding of $20 Mn from its existing and new investors, including Union Square Ventures, Prime Venture Partners, ITIGO Funds, and others.
In a statement, Bolt.Earth said the fresh funds will be used to expand its charging network, and for product enhancement, talent acquisition, among others.
Last month, Inc42 exclusively reported that the startup was looking to raise $20 Mn in its Series B round at a valuation of $100 Mn.
Founded in 2017 by Jyotiranjan Harichandan and Mohit Yadav, Bolt.Earth offers charging solutions for businesses, individuals, real estate companies, fleet operators, and the government. It caters to charging requirements ranging from slow to fast charging, featuring power outputs from 3.3 kW to 240 kW.
It also offers an operating system, which is 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 Bolt.Earth cofounder Harichandan.
The startup, in the statement, said the new funding will be instrumental in advancing its product portfolio with a balanced mix of slow and fast charging points, catering to the varied customer base of its products – Bolt.Earth Lite, Bolt.Earth Lite Connected, Bolt.Earth LEVAC, Bolt.Earth Level 2 and 3.
Besides, the startup is also looking to expand internationally to catalyse the uptake in EV demand in Asia, Europe, South America, and Latin America.
“The current $20 Mn 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 cofounder Yadav.
In September 2021, the startup raised $4 Mn in its Series A round led by Union Square Ventures and Prime Venture.
Bolt.Earth competes with the likes of ChargePoint, Tata Power, and several others. India is currently home to around 8,000 public charging stations.
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