Bolt Earth, an EV charging infrastructure and software firm, has announced raising $20 million in a fresh funding round.

As per the startup, the freshly raised funds will be used to expand its charging network, enhance its products, develop its operating system further, acquire talent, and expand internationally.

US-based venture firm Union Square Ventures, early-stage venture capital (VC) company Prime Venture Partners, and the Investment Trust of India-backed ITIGO Funds, among others, also participated in the funding round.

Bolt.Earth | EV Charging Infrastructure and Software Firm

Co-founded by Mohit Yadav and Jyotiranjan Harichandan, Bolt.Earth is an EV charging infrastructure and software firm that offers charging solutions for individuals, businesses, real estate companies, fleet operators, and the government.

Building charging infrastructure for electric vehicles (EVs) across various power and customization needs, the startup claims to have deployed over 30,000 EV charging points in its network.

Speaking about the development, Mohit Yadav, Co-founder of Bolt Earth, said,

“We are thrilled to have the backing of visionary investors who share our passion for transforming the EV ecosystem. The current $20 million fundraise 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.”

Growth and Market Share

As per Jyotiranjan Harichandan, Co-founder of Bolt.Earth, the startup offers an operating system and a connected platform technology that helps OEMs to develop, operate, and monitor their charging network and vehicles.

While claiming that their startup currently holds more than 50 per cent market share in India’s EV charging network, Harichandan added that the startup is continuously expanding its charging network at a rate of approximately 2,000 new charging points per month.

With the fresh funds, the EV charging infrastructure and software firm looks to advance its product portfolio with a balanced mix of slow and fast charging points. Further, it will use the funds to acquire talent and expand into international markets in Asia, Europe, South America, and Latin America.

In 2021, Bolt Earth raised $4 million in funding with participation from Union Square Ventures and Prime Venture Partners.

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