In the future, it will undoubtedly be made into a Netflix series or movie.
Well, it has all the ingredients of a thriller. Bolt Mobility, a micromobility startup co-founded by 8-time Olympic gold medalist Usain Bolt. Bolt Mobility raised $40.2 million along with an undisclosed investment from Chennai, India-based Ram Charan Company in May of this year. Little is known about this Ram Charan company, other than the fact that US fund TFCC International announced an investment of US$4.14 billion last December. The deal valued the Chennai-based chemical distributor at about $9 billion. But there is almost no information about Ram Charan’s financial and business details and the reason for the big investment. Everything looked very gloomy.
Be as they can be. Now we have Bolt Mobility disappearing from many of the cities in the US where it operated.
Many questions that need answers
According to various media reports, Bolt Mobility, which operates in personal transportation with a focus on small electric two-wheelers, has stopped operating in Portland, Oregon, Burlington, South Burlington and Winooski in Vermont and Richmond, California.
Reports citing users said that when trying to order a scooter through the Bolt app, a message tells users to do so in 30 other countries such as France, Nigeria or South Africa, but not the US. Bolt Mobility was reportedly present in over 50 cities across the US.
Meanwhile, at the time of the announcement of the TFCC’s baffling investment in the Ram Charan Company itself, many red flags were apparent. For example, the TFCC’s India office has the same address as Ram Charan. But nothing is known about the TFCC or the Ram Charan Company other than their own much-lauded claims.
As far as Ram Charan Company and Bolt Mobility are concerned, as per their agreement, the former (through their group company) is to manufacture and supply chargers and superchargers for Bolt vehicles, which are primarily small two-wheeled vehicles such as mopeds. and bicycles. It was supposed to supply the chargers starting in September from its Chennai factory. Now, what happens to the business is something that needs to be seen.
Bolt Mobility was also launched in the UK. But their scooters are not legal to ride in the country.