REVOS, an EV infrastructure startup, has received a $4 million Series A investment from Union Square Ventures and Prime Venture Partners to enable the wide development of its peer-to-peer EV charging network and Smart EV platform for two- and three-wheelers.
The new money will be used to expand the startup’s technological team and establish electric vehicle chargers across India.
The business intends to grow its charging network to one million chargers in 500 cities across India and other emerging economies over the next three years, and to power several million two- and three-wheeler electric vehicles. In the coming months, the startup will aggressively hire across all business functions.
Speaking about their investment Albert Wenger, Managing Partner, Union Square Ventures said in the statement, “Globally, we are at the beginning of a massive transition to EVs. It is crucial for rapidly growing economies such as India, China and Africa to dramatically accelerate EV adoption. To make this possible, two enabling technologies are required: an operating system (OS) and a charging network. We are excited to announce our investment in REVOS, which already has multiple OEMs licensing their OS, and their BOLT charging network is expanding rapidly. REVOS marks USV’s first investment in India and we are thrilled to partner with Prime Venture Partners in this new journey.”