EV infra startup Bolt.Earth raised $20 M from Prime Venture Partners, others
Bolt.Earth, a provider of EV infrastructure and software, has raised $20 million from a number of investors, including Union Square Ventures, Prime Venture Partners, and ITIGO Funds.
The Bengaluru-based startup had already received funding from Union Square and Prime Venture Partners during its $4 million Series A round in September 2021. The business later changed its name from Revos to Bolt.Earth.
According to the business, the new capital infusion will be used for operating system development, product improvement, charging network expansion, and global expansion.
For individuals, businesses, landlords, leasing agents, fleet operators, and the government, Bolt.Earth provides charging solutions. The company offers options for a wide range of charging requirements, including slow and fast charging, with power outputs ranging from 3.3 kW to 240 kW. The business’s low-code integration platform aids EV dealers and OEMs in modernizing their vehicles.
Bolt.Within its network of charging stations, Earth claims to have installed more than 30,000 EV charging stations.
The company is currently looking to expand its business in Asia, Europe, South America, and Latin America while stepping up its charging network.
Bold.Throughout the fiscal year ending in March 2021, Earth remained in the pre-revenue phase. The business suffered a loss of Rs 22.35 crore and revenue from operations of Rs 78.5 lakh in FY22. The business has not yet released FY23 financial data.
Following a brief decline, the funding trend when compared to prior years shows that investments in electric vehicle startups increased in the second half of 2023.
According to information gathered by TheKredible, EV saw nearly 40 deals totalling $631 million in funding during the first nine months of 2023, or up until September of this year. Comparable to investments from prior years. Investments in EV-focused startups totalled $796 million in 2022 and $570 million in 2021, respectively.
