Bolt.Earth Raises USD 5 Million in Series A+ Funding

EV charging network provider Bolt.Earth has raised USD 5 million in a Series A+ funding round to expand its operations, develop fast-charging solutions, and enhance its EV charging ecosystem across India.

January 20, 2025. By Mrinmoy Dey

EV charging network provider Bolt.Earth has announced that the company has raised USD 5 million in a Series A+ funding round--led by new investors Version One Ventures and returning investors USV and Prime Venture Partners.

The new capital injection will be used to scale operational capability across India, develop fast-charging solutions for 2, 3, and 4 wheelers, and deploy end-to-end EV charging solutions, including hardware, software, and maintenance for OEMs, apartment complexes, builders, enterprises, and fleets, the company informed in a statement.

The company has also appointed S. Raghav Bharadwaj as it Chief Executive Officer (CEO). Earlier, he was the COO.

“With a 63 percent market share in terms of the number of public charging stations deployed in India, the company works with leading brands such as Bajaj, Mahindra, Ather, Piaggio, Siemens, SAP, American Express, and Brigade Group,” claimed the company.

It further added that Bolt.Earth will channel its latest funding to expand further, with the development of next-gen LEVDC fast chargers for 2 and 3 wheelers and DC ultra-fast chargers of up to 240kW for 4 wheelers, which are currently in production. “These chargers, designed to provide rapid top-ups in just a fraction of the time required by traditional AC chargers, will add to Bolt.Earth's product portfolio, covering all levels of charging,” it said.

By driving interoperability across different networks, the company plans to make its EV charging app a platform where users can seamlessly access and pay for charging services from any provider. “This integration is already in motion through Bolt.Earth's partnership with ChargeZone, which has added over 350 fast chargers to its network. In the coming months, additional third-party integrations will position the Bolt.Earth app as the one-stop solution for all charging needs,” informed the company.

“This is a defining moment for Bolt.Earth and the Indian EV ecosystem. With the EV market growing by 40-50 percent in 2024 and strong government support, we're positioned to fulfil our promise of providing the most reliable charging experience. As India's only vertically integrated EV charging company, Bolt.Earth connects every link of the chain – from Discoms/utility companies to EV users. This year, we focus on future-proofing our network with fast-charging solutions for 2, 3, and 4-wheelers,” said Bharadwaj.

Boris Wertz, Founder of Version One Ventures remarked, “Bolt.Earth represents the kind of transformative network that reshapes industries under pressure. Through seamless integration of the EV charging ecosystem, they are addressing today's infrastructure challenges while setting the foundation for a scalable, sustainable future in mobility. It's a bold vision, and we're proud to be a part of it.”

Bolt.Earth remains committed to driving innovation in EV charging and delivering transformative solutions that shape the future and create lasting impact.

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Prime Venture Partners

S. Raghav Bharadwaj

Fast-charging stations

Boris Wertz

EV Charging Infrastructure