India EV infrastructure player raises $20m

Existing local backers Prime Venture Partners and ITIGO Funds, a unit of the Investment Trust of India, also participated. The company said the round included several other investors, including new investors.

It follows a USD 4m Series A in 2021 from Union Square and Prime. That round represented the US-based firm’s first India investment. Earlier investors include Hyderabad Angels and Xseed Partners, which provided seed funding in 2019 alongside ITIGO.

Bolt.Earth, previously known as Revos, is aiming to build India’s largest EV charging network and operating system for original equipment manufacturers (OEMs) of electric two- and three-wheelers. The company said it expects the latest funding to help it enter “every nook and corner” of the country while beginning a process to export its technology globally.

Bolt.Earth claims to have a 50% market share in the EV charging space and a dominant position at the nexus of charging networks and operations system services.

The network currently encompasses 30,000 charging points and is expanding at a rate of 2,000 new charging points per month, according to a statement. The operating platform aims to help OEMs develop, operate, and monitor their charging network and vehicles.

Union Square identified charging networks and operating systems as the two key enablers of EV rollouts in addition to battery supply. Describing EVs as essentially rolling computers, the firm noted that extensive software capabilities are relatively rare in the EV space.

Bolt.Earth will use the latest round to expand and improve its charging network and operating system, add engineering and product talent to the team, and pursue an international expansion. Asia, Europe, South America, and Latin America were flagged as target markets.

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• Topics
• South Asia
• Infrastructure
• Cleantech
• Expansion
• India
• Prime Venture Partners
• Electric Vehicles