Bolt.Earth Announces $5M in Funding Round and Appoints Raghav Bharadwaj as CEO to Double Down on Growth in EV Charging

VMPL
Bangalore (Karnataka) [India], January 16: 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.
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