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EV Charging infra provider Bolt.Earth fires about 20% of its workforce

Inc42 · 2y ago

EV Charging infra provider Bolt.Earth fires about 20% of its workforce

Bolt.Earth, a Bengaluru-based electric vehicle charging infrastructure and operating system provider, has laid off around 15-20% of its workforce in a restructuring exercise. However, sources indicate that the layoffs impacted as much as 35% of the startup's employees. The company cited uncertainty surrounding the FAME II scheme as the reason for the layoffs. Bolt.Earth had recently raised $20 million in funding and is currently in discussions to secure an additional $50 million.

Related News

Bolt.Earth Fires Employees In Another Restructuring Exercise, Shuts Two Business Verticals

Inc42 · 1y ago

Bolt.Earth Fires Employees In Another Restructuring Exercise, Shuts Two Business Verticals

Bengaluru-based electric vehicle (EV) charging infrastructure provider, Bolt.Earth, has laid off employees from multiple teams in a second restructuring exercise within four months. Sources attribute the layoffs to a cash crunch due to the startup's failure to secure fresh funding. The number of employees impacted is estimated to be around 70-100, or 40%-60% of the company's workforce. Bolt.Earth confirmed the layoffs but stated that the number is exaggerated and is a necessary adjustment within their strategic realignment. The company decided to shut down its operating system and fleet management system verticals to focus on its core business of EV charging network.

EV infra startup Bolt.Earth raises $20 Mn

Entrackr

Entrackr · 2y ago

EV infra startup Bolt.Earth raises $20 Mn

EV infrastructure and software company Bolt.Earth has raised $20 million in funding from investors including Union Square Ventures and Prime Venture Partners. The funding will be used for expanding the company's charging network, enhancing its products, developing its operating system, and expanding internationally. Bolt.Earth offers charging solutions for a wide range of needs and claims to have deployed over 30,000 EV charging points. The company plans to expand its business in Asia, Europe, South America, and Latin America. In the first nine months of 2023, the EV startup sector saw nearly 40 deals worth $631 million in funding.

Union Square Ventures backs Indian EV infra startup Bolt.Earth in $20M funding

Startup News FYI

Startup News FYI · 2y ago

Union Square Ventures backs Indian EV infra startup Bolt.Earth in $20M funding

Indian startup Bolt.Earth has raised $20 million in a funding round to expand its electric vehicle (EV) charging infrastructure and software solutions. The funding came from existing and new investors, including Union Square Ventures and Prime Venture Partners. Bolt.Earth plans to use the funds to expand its charging network across India, which already covers over 50% of the country's EV charging infrastructure. Additionally, the startup aims to enter new markets in Asia, Europe, South America, and Latin America, enhance its product portfolio, and hire new talent.

EV charging infra startup Charge Zone scoops up $19 Mn

Entrackr

Entrackr · 1y ago

EV charging infra startup Charge Zone scoops up $19 Mn

Electric vehicle (EV) charging network Charge Zone has received a $19 million commitment from British International Investment (BII), the UK’s development finance institution (DFI) and impact investor. In March last year, the Vadodara-based startup scooped up $54 million in its Series A1 funding round led by BlueOrchard Finance. Charge Zone will use the funds for expansion of its high-speed charging network for electric cars, buses, and trucks across key cities and highways in India, the company said in a press release. It also plans to roll out more than 1,500 supercharging stations over the next 18 months and reach a portfolio of over 10,000 charging stations by 2027. Led by Kartikey Hariyani, the six-year-old Charge Zone provides super-fast EV charging with more than 3,200 points across more than 400 locations in India and UAE. The firm has tied up with several OEMs and e-mobility companies including Hyundai, Mahindra & Mahindra, Ashok Leyland, Volvo Eicher, Tata Motors, Marriott, Hyatt, Fortune, and Landmark Group. Charge Zone added that the investment from BII is a part of their long-term plan to create a network of one million charging points for all 4W categories of vehicles including cars, buses and trucks by 2030. It will focus on key markets such as Delhi, Ahmedabad, Mumbai, Pune, Hyderabad, Bengaluru and Chennai. For the fiscal year ended in March 2023, the company reported nearly three fold jump in its operating revenue to Rs 46.93 crore, according to startup data intelligence platform TheKredible. During the period, its losses surged two fold to Rs 9.89 crore. In the rapid EV charging space, it competes with ElectricPe, Bolt.Earth, Ather Energy, BluSmart, Magenta Power, among others.

EV players discuss development of battery charging, swapping infra with Piyush Goyal

Economic Times

Economic Times · 1y ago

EV players discuss development of battery charging, swapping infra with Piyush Goyal

Electric vehicle (EV) stakeholders discussed battery charging and swapping infrastructure with Commerce Minister Piyush Goyal and officials from the Department of Heavy Industries and DPIIT. Representatives from Tata, TVS, and Mercedes-Benz India raised concerns about the location and standards of swapping stations. The government aims to promote EV manufacturing through policy incentives and public charging stations. India's EV market is projected to achieve significant growth, with new jobs and public charging facilities planned under schemes like FAME-II and PM E-DRIVE.

EV infra player RoadGrid raises funds as India pushes toward 100 million electric vehicles

Economic Times

Economic Times · 1m ago

EV infra player RoadGrid raises funds as India pushes toward 100 million electric vehicles

ANIRoadGrid has secured pre-Series A funding led by Venture Catalysts and other investors to expand its electric vehicle (EV) charging infrastructure in India. The company develops and operates universal chargers for two-wheelers, three-wheelers, and four-wheelers. With India's potential 2030 target of 80-100 million EVs and 30% electrification of private vehicles, RoadGrid aims to enhance its manufacturing, charging network, and cloud platform, addressing key gaps in the EV ecosystem. Industry estimates project significant growth in India's EV charging market.

EV charging startup Statiq raises $18 Mn led by Tenacity Ventures

Entrackr

Entrackr · 2d ago

EV charging startup Statiq raises $18 Mn led by Tenacity Ventures

EV charging startup Statiq has secured $18 million (about Rs 163.2 crore) in a mix of equity and debt funding round led by Tenacity Ventures along with participation from Y Combinator, Shell Ventures, and RCD Holdings. Entrackr exclusively reported on this potential deal back in October last year. The company last raised $25.7 million in a Series A round led by Shell Ventures in mid-2022. The proceeds will be allocated towards scaling its charging infrastructure and expanding its presence across Tier I and II cities, powering hardware lifecycle improvements, and advanced telematics, Statiq said in a press release. Co-founded in 2020 by Akshit Bansal and Raghav Arora, Statiq builds and operates EV charging infrastructure and runs a consumer app for locating and booking charging points. The startup offers a mix of hardware and software-led services, with its hardware segment including chargers and related infrastructure contributing the majority of its revenue. It also runs a financing program for EV charging stations in partnership with the State Bank of India to accelerate infrastructure expansion. According to Statiq, users of its mobile app can avail charging services from its charging network along with other providers like E-Fill, Sunfuel, and GLIDA. It has also collaborated with government bodies, automakers, and hospitality companies to expand its charging network coverage to about 100 cities where it has installed over 10,000 chargers. In the EV charging infrastructure sector, Statiq faces competition from well-funded startups such as Charge Zone, ElectricPe, Bolt.Earth, and IPEC. It aims to double the number of installed chargers by the end of 2026.

Public charging infra development vital for EV adoption: Maruti Suzuki

YourStory

YourStory · 6m ago

Public charging infra development vital for EV adoption: Maruti Suzuki

The expansion of public charging infrastructure is crucial for increasing electric vehicle (EV) adoption, as range anxiety deters consumers from choosing EVs as primary cars, says a Maruti Suzuki executive. Despite a 93% year-on-year increase in EV sales, the overall market penetration remains low. Maruti plans to introduce its first electric model, e-VITARA, and enhance charging stations in 100 cities. High costs for entry-level cars and infrastructure challenges persist as key adoption barriers.

EV charging infrastructure provider Bolt.Earth surpasses 30K EV charging points, adding 500 monthly

IndianStartupNews

IndianStartupNews · 2y ago

EV charging infrastructure provider Bolt.Earth surpasses 30K EV charging points, adding 500 monthly

BoltEarth, an electric vehicle (EV) charging infrastructure provider, has achieved a significant milestone by surpassing 30,000 EV charging points. The company's rapid expansion underscores the growing demand for EV charging infrastructure in India as the country transitions towards cleaner and more sustainable transportation solutions. BoltEarth's network aims to support the increasing adoption of electric vehicles across the nation.

Singapore-based e-commerce platform Qoo10 fires 80% staff: Report

Latestly

Latestly · 1y ago

Singapore-based e-commerce platform Qoo10 fires 80% staff: Report

Online marketplace Qoo10 reportedly fired 80% of its workforce amid fund crunch and challenging market conditions. The Singapore-based startup, whose about 20 remaining employees will focus on day-to-day operations, didn't offer any benefits to the fired employees. This comes after reports said Qoo10's South Korean operations had defaulted on payments to merchants and consumers late last month.

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