Union Sq. Ventures backs Indian EV infra startup Bolt.Earth in $20M funding

Bolt.Earth, an Indian startup that gives charging infrastructure and software program options for electrical automobiles, has raised $20 million in a funding spherical to develop its presence throughout the South Asian nation and enter into new markets.

The Bengaluru-based startup has raised contemporary capital from its current and new buyers, together with Union Sq. Ventures, Prime Enterprise Companions and ITIGO Funds, amongst others.

Based in 2017, Bolt.Earth presents its infrastructure and software program options for two- and three-wheeler EVs. The startup initially began its journey to create related gadgets below the model REVOS. Nonetheless, in 2018, it expanded its footprint and commenced its charging community enterprise.

Bolt.Earth mentioned the funding might be utilized to develop its charging community from its current charging factors base of over 30,000  in additional than 11 cities. The startup presents quick and gradual charging choices, with energy outputs starting from 3.3 kW to 240 kW. It touts to have over 150,000 customers.

Bolt.Earth co-founder Jyotiranjan Harichandan mentioned the startup already covers greater than 50% of India’s EV charging community and is increasing its infrastructure at a charge of about 2,000 new charging factors a month.

Alongside increasing its charging infrastructure, the funding might be used to increase Bolt.Earth’s presence and enter new markets in Asia, Europe, South America and Latin America, the startup mentioned. It additionally appears to reinforce its product portfolio and deploy its working system known as Bolt.Earth OS to newer automobiles. The startup presents its low-code integration platform to OEMs and EV sellers to supply software-defined experiences on EVs. The software program already runs on over 20,000 EVs in India.

The startup can also be set to make use of part of its new funding to rent contemporary expertise throughout disciplines, together with expertise, engineering and product.

“We’re thrilled to have the backing of visionary buyers who share our ardour for remodeling the EV ecosystem. The present $20 million fund-raise is part of the corporate’s plan to additional its attain to each nook and nook of the nation, and to start the period of ‘Make in India’ EV charging infrastructure merchandise within the international market,” mentioned Mohit Yadav, co-founder, Bolt.Earth, in a ready assertion.

Earlier than the most recent funding, Bolt.Earth had raised $4.61 million, with $4 million coming in a Sequence A spherical in September 2021, per the information obtainable on Tracxn.