Bengaluru-based electric vehicle (EV) charging solutions provider Bolt.Earth raised $5 million in a series A+ funding round. The funding round was led by Version One Ventures, a new investor and returning investors USV and Prime Venture Partners.

Bolt.Earth plans to utilize the funds to scale operational capacity across India. The company also aims to develop fast charging stations for two-, three–, and four-wheelers and deploy end-to-end EV charging stations, including hardware, software, and maintenance, for apartment complexes, builders, enterprises, and fleets.

It plans to expand its channels by developing next-generation light electric vehicle direct current controller fast chargers for two and three-wheelers and DC ultra-fast chargers of up to 240kW for four-wheelers under production.

Bolt.Earth claims a 63% market share in the fast-charging segment. It partnered with ChargeZone to add over 350 fast chargers to increase the platform’s interoperability.

The company has a network of 36,000 charging stations across 1,600 cities, serving 210,000 active EV users.

It offers an operating system and a connected platform technology that helps manufacturers develop, operate, and monitor their charging networks and vehicles.

“With the EV market growing by 40-50% in 2024 and strong government support, we’re positioned to serve the most reliable charging experience. We connect every chain link from DISCOMs and utility companies to EV users. This year, we focus on future-proofing our network with fast-charging solutions for two, three, and four-wheelers,” said S Raghav Bharadwaj, co-founder, Bolt.Earth.

In 2023, Bolt.Earth secured $20 million in a funding round led by a consortium of existing and new investors, including Union Square Ventures, Prime Venture Partners, and ITIGO Funds.

According to the latest guidelines issued by the Ministry of Power for EV infrastructure, any entity can establish a charging infrastructure, and setting up and operating EV charging stations is a de-licensed activity.