BANGALORE, Jan 16, 2025 : Bolt.Earth, India’s largest EV
charging network, today announced $5M in a Series A+ funding round—led by new
investors Version One Ventures and returning investors (USV and Prime Venture
Partners)—and the appointment of S. Raghav Bharadwaj as Chief Executive Officer
(CEO). With this investment, Bolt.Earth is on track to achieve profitability.
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.
Bolt.Earth is India’s largest, most
utilized, and fastest-growing charging network. With a 63% 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. 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.
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.
Leading this transformative journey is S.
Raghav Bharadwaj (previously COO of Bolt.Earth), who succeeds Jyotiranjan
Harichandan, the co-founder in this role. Founders Jyotiranjan Harichandan and
Mohit Yadav will transition into pivotal roles as Head of Strategic
Partnerships and Chief Technology Officer, respectively. This renewed focus and
leadership shift is poised to drive the company’s next phase of growth in the
rapidly evolving EV charging sector.
“This is a defining moment for Bolt.Earth
and the Indian EV ecosystem. With the EV market growing by 40–50% in 2024 and
strong government support, we’re positioned to fulfill 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 Raghav.
With more than 12 years of experience in
strategy and innovation, Raghav’s leadership is set to guide Bolt.Earth into
its next phase of growth. “As Raghav takes the helm, his ability to combine
visionary leadership with on-ground execution ensures Bolt.Earth’s continued
impact on India’s EV landscape. And yes, this is a new chapter of growth for
us," said Mohit Yadav and Jyotiranjan Harichandan, Co-founders of
Bolt.Earth.
Bolt.Earth remains committed to driving
innovation in EV charging and delivering transformative solutions that shape
the future and create lasting impact.
“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,” said Boris Wertz, Founder of Version One Ventures.
About Bolt.Earth
Bolt.Earth is India’s largest EV charging
network, with 36K+ charging points across 1,600+ cities, serving 210K+ active
EV users. Its extensive charging network supports 2, 3, and 4 wheelers with
both standard and fast charging options. The Bolt.Earth app makes charging
seamless with a simple scan-pay-charge process.
By providing impeccable customer service and
comprehensive EV charging solutions, Bolt.Earth is a transformative force in
electric mobility, driving momentous change and innovation in the industry.
For more information, visit: https://bolt.earth/
About Version One Ventures
Version One Ventures, an early-stage VC firm
behind category-defining companies like Coinbase, Outreach, and Patch,
continues to champion transformative startups shaping the future of SaaS,
crypto/web3, and now climate tech in India, starting with Bolt.Earth.
About Union Square Ventures
(USV)
Union Square Ventures (USV) is an American
venture capital firm based in New York City. The firm has backed more than 130
startups, including Twitter, Etsy, Stripe, Zynga, Tumblr, Stack Overflow,
MongoDB, and Coinbase.
About Prime Venture Partners
Prime Venture Partners is an early-stage
venture capital firm empowering disruptive startups in India with high-growth
potential. Focused on sectors like fintech, SaaS, healthcare, and EV, Prime has
backed category-defining companies such as MyGate, Ezetap, and Quizizz.