Bolt.Earth, a pioneering company specializing in electric vehicle (EV) infrastructure and software solutions, has successfully raised $20 million in funding from notable investors, including Union Square Ventures, Prime Venture Partners, and ITIGO Funds, among others. This substantial investment is set to propel Bolt.Earth's mission of advance EV infrastructure and software development to new heights.
Union Square Ventures and Prime Venture Partners, early supporters of the Bengaluru-based startup, previously contributed to Bolt.Earth's Series A funding round, which garnered $4 million in September 2021. In conjunction with this financial boost, the company underwent a strategic rebranding, transitioning from Revos to the now well-established Bolt.Earth.
Bolt.Earth has outlined its plans for the newly acquired capital, earmarking funds for the expansion of its charging network, further enhancements to its product offerings, and the development of an advanced operating system. Additionally, the company has its sights set on expanding its global presence and entering international markets with vigor.
Distinguished for its versatile array of charging solutions catering to individuals, businesses, real estate companies, fleet operators, and government entities, Bolt.Earth offers a comprehensive spectrum of charging options. These options span from slow to fast charging, boasting power outputs ranging from 3.3 kW to a remarkable 240 kW. Leveraging its innovative low-code integration platform, the company empowers original equipment manufacturers (OEMs) and EV dealers to seamlessly upgrade their vehicles, fostering EV adoption.
Bolt.Earth proudly asserts its deployment of over 30,000 EV charging points within its robust charging network. The company is now on an ambitious mission to further scale its charging network and extend its market reach to regions including Asia, Europe, South America, and Latin America.
It is noteworthy that Bolt.Earth remained in the pre-revenue stage until the fiscal year ending in March 2021. In the subsequent fiscal year (FY22), the company reported revenue from operations amounting to Rs 78.5 lakh alongside a loss of Rs 22.35 crore. As of now, the company has not yet disclosed its FY23 financial figures.
The surge in funding for electric vehicle startups during the latter half of 2023 marks a significant trend in the industry. A comparison of funding data over the years highlights this phenomenon, as electric vehicle startups garnered substantial investments. According to data compiled by TheKredible, the electric vehicle sector attracted nearly 40 investment deals worth $631 million in the first nine months of 2023, upholding the trend set in previous years. Notably, in 2022 and 2021, investments in EV-focused startups reached $796 million and $570 million, respectively, showcasing the sector's enduring appeal to investors.
