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Bolt.Earth Secures $20 Million Funding Round with Leadership from Union Square Ventures

By Ritwik Ghosh,Kolkata India

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In a remarkable turn of events, India-based electric vehicle (EV) infrastructure and software firm Bolt.Earth has notched a significant milestone by successfully concluding its latest funding round, securing an impressive $20 million in investments. This landmark fundraising endeavor, led by a consortium of both seasoned and emerging investors, boasts notable names like Union Square Ventures, Prime Venture Partners, ITIGO Funds, and several others who align with Bolt.Earth’s vision for an environmentally sustainable and electrified transportation ecosystem.

The infusion of this substantial capital signifies a pivotal moment in Bolt.Earth’s journey and the broader EV industry. It underscores the critical role of robust financial backing in propelling the growth and success of companies committed to shaping the future of sustainable mobility.

Bolt.Earth’s plans for the utilization of these funds are multi-faceted and strategically aligned with their mission:

  1. Charging Network Expansion: Bolstered by the recent achievement of deploying over 30,000 EV charging points within its network, Bolt.Earth is poised for further expansion. The company caters to a diverse range of charging requirements, offering options that span from slow to fast charging, featuring power outputs ranging from 3.3kW to 240kW.
  2. Product Enhancement: The funding will serve as a catalyst for advancing Bolt.Earth’s esteemed product portfolio. This includes a balanced mix of slow and fast charging points, tailored to cater to a diverse customer base, including Bolt.Earth Lite, Bolt.Earth Lite Connected, Bolt.Earth LEVAC, Bolt.Earth Level 2 & 3.
  3. Operating System Deployment: Bolt.Earth’s Operating System, an embodiment of commitment to a smarter and greener tomorrow, aims to enable seamless software upgrades for OEMs and EV dealers. This low-code integration platform propels the transformation of EVs into software-defined vehicles.
  4. Talent Acquisition: Bolt.Earth is set to attract top-tier professionals from various domains, including technology, engineering, and product development, as part of its ambitious growth strategy.
  5. International Expansion: The funding will play a pivotal role in bolstering Bolt.Earth’s audacious plan to extend its footprint beyond existing markets. This expansion will catalyze the adoption of EVs across Asia, Europe, South America, and Latin America.

Co-founder of Bolt.Earth, Jyotiranjan Harichandan, highlighted the company’s offerings, stating, “Bolt.Earth provides an Operating System, a connected platform technology that aids OEMs in developing, operating, and monitoring their charging networks and vehicles. We are continuously expanding our charging network, adding approximately 2,000 new charging points per month. Currently, we hold more than 50% market share in India’s EV charging network and play a dominant role in India’s EV Operating System ecosystem, with our deployed chargers and software-defined vehicles.”

Co-founder Mohit Yadav shared his excitement about the support from visionary investors, stating, “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.”

This funding milestone not only highlights Bolt.Earth’s commitment to innovation and sustainability but also signifies its intent to lead the charge in revolutionizing the global EV infrastructure landscape. For more industry insights and updates, stay tuned to Foundr Magazine India.

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