Union Square Ventures, Prime Venture Partners backs REVOS to install EV chargers across India
US-based Union Square Ventures has announced that it has partnered with Bangalore-based Prime Venture Partners to mutually back EV infrastructure startup Revolutionary EV Operating Stack (REVOS) with an investment of $4 million in series A to fund the wide expansion of its peer-to-peer EV charging network and smart EV platform for two and three-wheelers.
The startup REVOS will use the fresh funds to install EV chargers across the country, and further boost its technology team, it said in a declaration.
In the next three years, the company is planning to expand its charging network to 1 million chargers in 500 cities across India and other emerging markets and to power several million two and three-wheeler EVs.
It will also hire aggressively across all business functions in the next few months.
The company said it is piloting BOLT, a peer-to-peer charging infrastructure that will transform the way consumers charge their EVs and will provide the much-needed support for EV adoption at scale.
BOLT is a Made-in-India EV charging network that comprises an IoT-enabled charging point that is compatible with any portable charger that comes with all EVs in India and works with existing AC power supply at home and businesses, it said.
"We are focussed on democratizing the technology for EVs and chargers so that anyone can build a smart EV or participate in building the P2P charging network. We believe this will be key to large-scale adoption of EVs in the future," Mohit Yadav, Cofounder, REVOS said.