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Bolt, a Prime Ventures-backed startup and electric vehicle operating system and charger company, expects to see a sixfold increase in charger sales and a growth of 80-100 times in overall business in the current fiscal, a senior company official stated.
The company sees traction for its operating systems solution for electric vehicles. This accounts for about 80% of the company’s revenue.
“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 the previous year we will go 80 to 100 times at least,” said Bolt co-founder, Mohit Yadav.
He spoke on the sidelines to launch an EV charger for home, which can also serve commercial purposes.
Yadav stated that the company currently has USD 4 million in Series A and is preparing to raise the next funding at a 5-6 times higher valuation.
“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.
He stated that the company plans to develop charging infrastructure throughout the country for its charging products while retaining its focus 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.