EV Charging Firm Bolt.Earth Raises $20 Million for Product Portfolio Expansion

Funds will also be used to venture into new overseas markets


Bolt.Earth, an India-based electric vehicle (EV) infrastructure and software company, has secured $20 million in a recent funding round led by a consortium of existing and new investors, including Union Square Ventures, Prime Venture Partners, and ITIGO Funds.

The company offers an operating system, a connected platform technology that helps manufacturers develop, operate, and monitor their charging networks and vehicles.

The primary allocation of the funding will be directed towards the expansion of Bolt. Earth’s charging network. The company has deployed over 30,000 EV charging points within its network, which offers a wide array of charging options, ranging from slow to fast charging, with power outputs spanning from 3.3 kW to 240 kW.

The funding will also support the advancement of Bolt.Earth’s product portfolio, which encompasses various charging points tailored to suit a diverse customer base.

A portion of the funds will also be earmarked to deploy the company’s operating system, Bolt.Earth OS. This system is designed to provide original equipment manufacturers and EV dealers with a pathway to upgrade their vehicles into software-defined vehicles.

“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 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 Jyotiranjan Harichandan, Co-founder, Bolt.Earth

The funding will empower Bolt.Earth to venture into new markets, contributing to the accelerated adoption of electric vehicles across Asia, Europe, South America, and Latin America. It will also help the company onboard professionals from various fields of technology, engineering, and product development.

According to Mercom Capital Group’s 1H and Q2 2023 Funding and M&A Report Storage and Grid Report, global corporate funding for smart grid companies increased by 64%, reaching $1.8 billion in 33 deals, driven primarily by accelerated EV adoption.

Minister of State for Heavy Industries Krishan Pal Gurjar recently said India had installed 8,738 operational public EV charging stations as of June 30, 2023.