Bolt.Earth

Sector: EV Charging Infrastructure  |  HQ: Bengaluru, Karnataka, India  |  Founded: 2017  |  Employees: unknown

Listed as: Privately held  | 

Company overview

Bolt.Earth, formerly known as Revos, is a Bengaluru based electric vehicle charging infrastructure and software company that operates one of India's largest networks of public and shared electric vehicle chargers by point count, with a particular focus on low power AC chargers for two and three wheelers. Founded in 2017 by Mohit Yadav and Saurabh Mehta, the company was originally an EV connectivity and telematics platform and pivoted into charging infrastructure as the Indian EV market scaled. The Bolt.Earth network combines proprietary low power IoT enabled chargers deployed at residential complexes, commercial buildings, parking lots, malls, hotels and shop fronts, with software that allows users to discover, reserve and pay for charging through a mobile application. The company has reportedly deployed tens of thousands of charge points across hundreds of Indian cities and towns, making it one of the most extensive networks by node count, though average power and session value per point is lower than dedicated DC fast charging networks. Bolt.Earth has raised funding from Union Square Ventures, Prime Venture Partners and other backers.

Competitive position

Bolt.Earth operates at the high node count, low power end of the Indian EV charging market, complementing rather than directly competing with DC fast charging networks like ChargeZone, Tata Power EZ Charge, Ather Grid and Statiq. Its advantage is the asset light deployment model that puts a charge point at every parking spot, addressing the destination charging use case that dominates Indian EV usage patterns for two and three wheelers and many four wheelers. Its disadvantage is lower revenue per node and a positioning that may struggle to participate fully in the highway corridor and commercial fleet segments where higher power chargers dominate. The market is still being defined and there is room for multiple business models to coexist.

Key risks

Low revenue per node and monetisation challenges Competition from oil marketing companies and OEM networks Battery swap models capturing commercial fleet share

Outlook

Bolt.Earth was founded in 2017 as Revos in Bengaluru by Mohit Yadav and Saurabh Mehta with a focus on EV connectivity and telematics, providing IoT modules that retrofitted electric two and three wheelers with smart capabilities. As Indian EV adoption began to scale from 2019 onwards, the company pivoted into charging infrastructure, recognising that the dominant pain point for two and three wheeler EV owners was access to convenient destination charging at home and work rather than DC fast charging on highways. The company rebranded to Bolt.Earth in 2022 to reflect this shift. The product is a low power AC charger, typically rated at three to seven kilowatts, that can be installed at parking spots in residential complexes, commercial buildings, shop fronts and small public locations. The chargers are IoT connected to the Bolt.Earth platform, which handles authentication, session management, billing and remote monitoring. Users locate, reserve and pay for charging through the Bolt.Earth mobile application. The deployment model is partnership based. Hosts including residential apartment complexes, malls, hotels, offices and small commercial establishments install Bolt.Earth chargers under various commercial arrangements ranging from host owned, asset owned by Bolt.Earth, or revenue share models. By keeping individual unit costs low and deployment fast, the network has scaled to tens of thousands of nodes across hundreds of cities. The software and platform side of the business is built around three layers. A consumer mobile application for discovery, reservation, payment and charging session management. A host dashboard for owners and managers of locations to monitor and manage their chargers. An OEM integration layer that has been integrated with electric two wheeler manufacturers including Ola Electric, Hero Electric and Ampere, allowing in vehicle navigation and charging. Financing has come from a series of rounds with Union Square Ventures, Prime Venture Partners, Vivekananda Hallekere and others. The company has been in scale up mode with funding directed at network expansion, software platform development and the commercial sales team. The Indian EV charging market is in a formative phase. Two wheeler EV sales have been the volume driver, with three wheeler EVs growing rapidly in commercial fleets and four wheeler EV sales scaling steadily under the leadership of Tata Motors and a wave of new entrants. The charging infrastructure problem has been more about network density than peak power, particularly for two wheelers that have small batteries and short range, where destination charging at home or workplace is sufficient for most days. Strategy from 2025 to 2030 is centred on three themes. First, scaling the node count further across tier two and tier three cities and along intercity corridors with low power AC chargers. Second, deepening OEM partnerships so that Bolt.Earth is the default charging network embedded in electric two wheeler interfaces. Third, building out commercial fleet charging for delivery companies, e commerce logistics, and ride hailing fleets that operate large fleets of two and three wheeler EVs. The regulatory environment has been favourable. The Ministry of Power has declared public charging as a delicensed activity, freeing it from the requirement of a power distribution licence. The Bureau of Energy Efficiency and the Central Electricity Authority have issued guidelines on charging infrastructure deployment. State governments have introduced EV policies offering capital subsidies, concessional electricity tariffs and faster permitting. Standards for chargers and connectors are governed by the Bureau of Indian Standards under the AIS series. Risks include capital intensity of network expansion despite the low cost per node, intense competition from oil marketing companies, real estate giants and automotive OEMs that have entered charging, electricity tariff volatility across states, the challenge of monetising low power nodes at sustainable session economics, and the risk that battery swap models capture share for two and three wheelers in commercial use cases. Hardware obsolescence as charging standards evolve is another medium term risk. Management is led by Mohit Yadav as chief executive officer and Saurabh Mehta as co founder, with a team across engineering, operations, sales and supply chain. Governance reflects the standards expected of a venture backed Indian company with an institutional board. ESG is intrinsic to the business model, which enables the displacement of petrol two and three wheelers in Indian cities. The company tracks tonnes of carbon dioxide emissions avoided through charging sessions on the network and supports the broader transition to electrified urban mobility.

KAMRIT point of view

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Disclaimer: This profile is compiled by KAMRIT Financial Services LLP for educational and benchmarking purposes only. It is not investment advice, a recommendation to buy or sell securities, or a solicitation. Stock data is provided by Yahoo Finance and may be delayed by up to 20 minutes. Company financial commentary draws on publicly available filings, exchange disclosures, and KAMRIT industry research. Readers should consult a SEBI-registered investment adviser before making investment decisions. KAMRIT is a financial services and compliance firm, not a SEBI-registered investment adviser.