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

Startup News FYI

Startup News FYI · 1y 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.

Related News

EV infra startup Bolt.Earth raises $20 Mn

Entrackr

Entrackr · 1y 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.

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

Inc42 · 1y 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.

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 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.

Cureskin bags $20M in Series B funding led by HealthQuad

Inshorts · 1y ago

Cureskin bags $20M in Series B funding led by HealthQuad

AI-driven dermatology platform Cureskin has raised $20 million in a Series B funding round led by Healthquad. JSW Ventures, Khosla Ventures, and Sharrp Ventures also participated in the round. The startup will use the fresh capital to improve its AI capabilities besides funding its further growth and solution offerings. It offers expert-designed personalised regimens through its tech platform.

PayPal backs Indonesian insurance startup Qoala in $47M funding

TechCrunch · 1y ago

PayPal backs Indonesian insurance startup Qoala in $47M funding

PayPal Ventures has invested in Indonesian insurtech startup Qoala, which offers personal insurance products to over 5 million customers. Qoala has raised $47m in a Series C funding round led by PayPal Ventures and MassMutual Ventures, bringing its total funding to over $130m. The company works with local insurers and e-commerce firms to provide affordable and personalised insurance coverage through its website, app, and offline channels. Qoala plans to use the funding to explore acquisitions, partnerships, and AI integration. This investment demonstrates PayPal Ventures' confidence in Qoala's strategy to democratise insurance in Southeast Asia.

Zephyr Peacock, Arali invest in two startups; Shikhar Dhawan backs eyewear brand

VCCircle

VCCircle · 1y ago

Financial backers including Zephyr Peacock and Arali Ventures have invested in two Indian startups. Foodtech company Poshn raised $4m in equity and $2m in debt, with the funds to be used to expand the business in South-East Asia and the Middle East. Fintech startup 50Fin raised $550,000 in a funding round led by Arali Ventures, and also announced partnerships with Fi Money and Bajaj Capital. Cricketer Shikhar Dhawan has invested in eyewear brand Que and will also serve as a brand ambassador.

BII backs Everest Fleet, TI Clean as India EV commitments top $300 mn

VCCircle

VCCircle · 8m ago

BII backs Everest Fleet, TI Clean as India EV commitments top $300 mn

UK development finance body, British International Investment (BII), has invested $33.5m in three Indian electric vehicle (EV) companies - Everest Fleet, TI Clean Mobility and Vecmocon. BII said the investments were part of its commitment to invest $1bn in climate-mitigating initiatives and green technologies in India. The funding will be used to expand the EV fleet managed by Everest Fleet, scale the manufacturing of low-carbon vehicles at TI Clean Mobility, and enhance R&D at Vecmocon to enter the commercial EV market. BII has now committed a total of $328m to India's EV sector.

Startup Glow raises $30 million for solar power expansion in Rajasthan

Economic Times

Economic Times · 8m ago

Startup Glow raises $30 million for solar power expansion in Rajasthan

Start-up Glow has secured $30m in funding from venture capital firms Framework and Union Square Ventures. The investment will support Glow's mission to accelerate the adoption of renewable energy. Glow has already launched three solar farms in Rajasthan, generating a total of 21.3 MW of solar capacity. The funding will enable the company to expand its operations and develop more solar farms, focusing on bringing clean and affordable energy to communities in India and beyond.

Funding and acquisitions in Indian startups this week [2-7 Oct]

Entrackr

Entrackr · 1y ago

Funding and acquisitions in Indian startups this week [2-7 Oct]

In the Indian startup ecosystem this week, Bizongo, a packaging company, raised the highest funding of $50 million, followed by Mensa Brands and Bolt.Earth. Aampe, DPDzero, and ClearFeed were among the 11 startups that raised funds at the early stage. Bengaluru-based startups dominated the funding, with six of them securing $54.45 million. Fintech and e-commerce startups were the leading segments in terms of the number of deals. Additionally, three merger and acquisition deals were reported, including Slice merging with North East Small Finance Bank.

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