EV infrastructure and software company Bolt.Earth has raised $20 million from Union Square Ventures, Prime Venture Partners and ITIGO Funds, among others.
Union Square and Prime Venture Partners had already backed the Bengaluru-based startup during its Series A round of $4 million in September 2021. The company then rebranded itself from Revos to Bolt.Earth.
The company said it will use the fresh capital infusion for charging network expansion, product enhancement, and operating system development and international expansion.
Bolt.Earth offers charging solutions for individuals, businesses, real estate companies, fleet operators, and the government. The firm caters to a wide spectrum of charging needs, with options ranging from slow to fast charging, featuring power outputs from 3.3 kW to 240 kW. The company’s low-code integration platform helps OEMs and EV dealers to upgrade their vehicles.
Bolt.Earth claims to have deployed more than 30,000 EV charging points within its charging network.
The firm is now looking to ramp up its charging network and expand its business in Asia, Europe, South America, and Latin America.
Bold.Earth remained in the pre-revenue stage during the fiscal ending March 2021. In FY22, the company recorded Rs 78.5 lakh revenue from operations along with a loss of Rs 22.35 crore. The company has not disclosed FY23 numbers yet.
The fund inflow in electric vehicle startups picked up in the second half of 2023 after an initial drop down and this can be gauged from the funding trend when compared to the previous years.
Data compiled by TheKredible shows that EV saw nearly 40 deals worth $631 million in funding during the first nine months of 2023 or till September this year. This is on par with previous years’ investments. In 2022 and 2021, the investments in EV-focused startups stood at $796 million and $570 million respectively.