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Bolt expects up to 100 times biz growth this fiscal, over six-fold growth in EV charger sales

Prime Ventures-backed startup is seeing traction for its operating system solution among electric vehicles, which account for around 80 per cent of the company's business.

September 27, 2022 / 08:15 PM IST
Representative image

Representative image

Electric vehicle operating system and charger firm Bolt expects to clock over six-fold growth in charger sales and 80-100 times growth in overall business this fiscal, a senior company official said on Tuesday.

Prime Ventures-backed startup is seeing traction for its operating system solution among electric vehicles, which account for around 80 per cent of the company's business.

"We are working with over 15-20 OEMs (Original Equipment Manufacturers) but all the top 10 OEMs are working with us either for OS or charging products. This year is looking great. A lot of EVs are coming on roads. Government has a very aggressive policy. Compared to previous year we will go 80 to 100 times at least," Bolt co-founder Mohit Yadav. He was speaking on the sidelines of launching an EV charger for homes, which can also be used for commercial purposes.

The company has USD 4 million in Series A and is gearing to raise the next round of fund at a 5-6 times higher valuation, Yadav said. "Due to strict government rules on EV safety, companies have deferred launches by 2-3 months but once they will start rolling out vehicles, we expect to see new launches every month. This will drive our business growth," Yadav said.

The company was earlier giving chargers for Re 1 for commercial use, but it will now sell chargers for Rs 2,599 apiece. "We have made it so that the charger can be operated through an app from any location, and it can be used for commercial purposes. It has an output of 3.3 kilowatt per hour. It will charge EV bikes in 3-4 hours and a car in up to 10 hours. We are open to share technology with anyone who wants to make safe chargers," Yadav said.

He said that with charging products, the company is looking to build charging infrastructure across the country while focus will remain on operating system development. "We have 15,000 charger installations. We expect to reach 1 lakh chargers by March. Most of our business comes from OS business. We are now looking to open our OS for everyone. This will enable anyone with knowledge of assembling to build their own EVs. Through this we are looking to engage with more OEMs and college students," Yadav said.
PTI
first published: Sep 27, 2022 08:15 pm