The round saw participation by US-based venture firm Union Square Ventures, early-stage venture capital (VC) company Prime Venture Partners, and the Investment Trust of India-backed ITIGO Funds, among others. It did not disclose a valuation for the fundraise.
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Bolt Earth said it will use the funds to expand its charging network, enhance its products, develop its operating system further, acquire talent, and expand internationally.
The firm builds charging infrastructure for electric vehicles (EVs) across various power and customisation needs. It claims to have deployed over 30,000 EV charging points in its network.
“We are thrilled to have the backing of visionary investors who share our passion for transforming the EV ecosystem. The current $20 million fundraise is a part of the company’s plan to further its reach to every nook and corner of the country, and to begin the era of ‘Make in India’ EV charging infrastructure products in the global market,” said cofounder Mohit Yadav.
The firm had last raised $4 million in a funding round in 2021, per Tracxn. The round had seen participation by both Union Square Ventures and Prime Venture Partners.
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With the raised funds, Bolt Earth is looking to advance its product portfolio “with a balanced mix of slow and fast charging points,” the firm said in a statement. It is also looking to further deploy its own operating system, Bolt Earth OS. The funds will also be used to acquire talent and expand into international markets in “Asia, Europe, South America, and Latin America”, the company added.
A number of firms in the electric vehicle ecosystem have raised capital over the past year. While electric scooter leader Ola Electric closed a $140 million funding round led by Singapore’s sovereign fund Temasek in early September, its close competitor Ather raised Rs 900 crore ($108.27 million) from shareholders Hero MotoCorp and Singapore’s GIC through a rights issue on September 6.
On the other hand, battery swapping firm Battery Smart raised $33 million from Tiger Global, Blume Ventures, and The Ecosystem Integrity Fund on July 6.
