Bolt.Earth raises $5M to Accelerate India’s EV Charging Infrastructure

As the world shifts to sustainable transportation, India is also seeing a dramatic increase in the adoption of electric vehicles. Behind this shift stands a strong, accessible EV charging infrastructure. Among the companies spearheading this new wave is Bolt.Earth, which offers the full range of charging solutions specifically designed for the Indian market’s varied needs. This $5 million funding round only underlines its commitment to building on these improvements and expansion.

Company Overview

Bolt.Earth was founded in Bangalore and has quickly grown to become India’s largest and most used EV charging network. The company enjoys a 63% market share in terms of public charging stations installed across the country. Partnerships with industry leaders like Bajaj, Mahindra, Ather, Piaggio, Siemens, SAP, American Express, and Brigade Group have helped Bolt.Earth establish itself as a trusted and innovative service provider.

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Funding Details

Series A+ round, worth $5 million was led by Version One Ventures which is the firm’s first investment in Bolt.Earth. Reinvestors included USV and Prime Venture Partners, who renewed their commitment to the company’s vision and path. This recent funding brings the total funding raised by Bolt.Earth to date to about $29.6 million in seven rounds from a diverse group of 38 investors.

Strategic Objectives

With the new money in place, Bolt.Earth intends to:

• Scale Operations: Strengthen operational capacities across India to keep pace with the ever-increasing demand for EV charging infrastructure.
• Develop Fast-Charging Solutions: Next-generation Light Electric Vehicle Direct Current (LEVDC) fast chargers for two and three-wheelers and DC ultra-fast chargers up to 240kW for four-wheelers. The innovations are set to bring charging times down to levels significantly less than that of conventional AC chargers. 
• Deploy Comprehensive Charging Solutions : Provide end-to-end services- hardware, software, and maintenance-for original equipment manufacturers (OEMs), apartment complexes, builders, enterprise, and fleets.

Leadership Transition

With the funding announcement, Bolt.Earth welcomed S. Raghav Bharadwaj as its new Chief Executive Officer. Bharadwaj is earlier the chief operating officer and has more than 12 years of experience in strategy and innovation. Co-founders Jyotiranjan Harichandan and Mohit Yadav will focus on strategic partnerships and technology development, respectively.

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Market Context

Strong governmental support and sustainable mobility initiatives in India helped boost the Indian electric vehicle market by 40-50% in 2024. Still, this growth does not answer one of the biggest challenges across the country: that is, a lack of adequate, efficient, and broad charging infrastructure. Bolt.Earth’s strategic initiatives are set to help bridge this gap, promoting smoother adoptions of electric vehicles all over the country.

Technical Innovations

Bolt.Earth is pushing for interoperability between different networks. The ultimate vision is that Bolt.Earth will be the EV charging app, allowing users to access and pay for services provided by any operator seamlessly. Such integration is already underway, for instance, with ChargeZone’s integration, adding over 350 fast chargers to the Bolt.Earth network. Additional third-party integrations will continue throughout the coming months to make the Bolt.Earth app the go-to platform for all charging needs. 

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Future Outlook

Bolt.Earth, which has more than 36,000 charging points spread across 1,600 cities, with a customer base of over 210,000 active EV users, is all set to be one of the largest players in the Indian EV charging sector. It will grow under the umbrella of innovation, strategic partnerships, and customer-centric solutions.

Summary

Bangalore-based Bolt.Earth, India’s largest electric vehicle (EV) charging network, has successfully raised $5 million in a Series A+ funding round. The investment was led by new investor Version One Ventures, with participation from returning investors Union Square Ventures (USV) and Prime Venture Partners. This infusion of capital is set to bolster Bolt.Earth’s expansion plans, including the development of fast-charging solutions for two, three, and four-wheelers across the nation.