Bolt.Earth has secured $5 Mn (about INR 43.3 Cr) in a Series A+ funding round led by Version One Ventures, along with participation from its existing investors Union Square Ventures and Prime Venture Partners
The company plans to use the fresh capital for scaling up its business operations, besides developing fast-charging solutions for the primary vehicle categories, including two, three and four wheelers
The Bengaluru-based startup has also elevated its chief operating officer Raghav Bharadwaj to the role of chief executive, succeeding Jyotiranjan Harichandan
EV charging infrastructure provider Bolt.Earth has secured $5 Mn (about INR 43.3 Cr) in a Series A+ funding round led by Version One Ventures, along with participation from its existing investors Union Square Ventures and Prime Venture Partners.
The company plans to use the fresh capital for scaling up its business operations, besides developing fast-charging solutions for the primary vehicle categories, including two, three and four wheelers.
Apart from that, the proceeds will be deployed to channel Bolt.Earth’s expansion plans, along with development of next-gen LEVDC (light electric vehicle direct current) fast chargers for two and three wheelers, as well as DC (direct current) ultra fast chargers of up to 240kW for 4 wheelers.
On the back of it, the Bengaluru-based startup has also elevated its chief operating officer Raghav Bharadwaj to the role of chief executive, succeeding Jyotiranjan Harichandan.
As per his LinkedIn profile, Bharadwaj has been working with the company under various leadership positions since May 2022.
Prior to that, he has worked with brands such as Genpact Digital and Emerj Artificial Intelligence Research among others too. He holds an overall industry experience of 12 years in market research and management.
Founded in 2017 by Harichandan and Mohit Yadav, Bolt.Earth offers electric vehicle charging solutions for businesses, individuals, real estate companies, fleet operators, and the government. The company claims to work with brands such as Bajaj, Mahindra, Ather, Piaggio, Siemens, SAP, American Express and Brigade Group.
Harichandan will transition to the role of head of strategic partnerships, while Yadav will take over as chief technology officer, with an aim to drive the company’s growth.
The charging infrastructure provider last raised a funding of $20 Mn in October 2023, to expand its charging network, and for product enhancement, talent acquisition, among others.
This development comes at a time when the EV sector has been in the limelight of the Indian government as well as investors to back their expansion plans aside and strengthen their product offerings.
For instance, earlier this year, Mumbai-based electric vehicle startup BGauss raised a funding of INR 161 Cr (around $18.6 Mn) from Bharat Value Fund (BVF) to strengthen its footprint in both domestic and international markets.
Weeks before that, EV tech startup Naxatra Labs secured an undisclosed amount in its seed funding round to support its plans to push manufacturing and technology.
EV intelligence startup Vecmocon Technologies bagged $10 Mn (around INR 84.4 Cr) in its Series A funding round to expand into other segments, including electric two-wheeler, three-wheeler, light commercial vehicle (LCV) and bus, in November last year.
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