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Usain Bolt's Startup With Indian Firm's Investment Stops Operations In USA

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Usain Bolt's Startup With Indian Firm's Investment Stops Operations In USA
01 Aug 2022
5 min read

News Synopsis

Bolt Mobility, a mobility startup founded by Usain Bolt (eight-time Olympic gold medalist), vanished abruptly from several US markets. The media reported that e-bikes, and other equipment, were left behind amid unanswered calls. Bolt Mobility had raised $40.2million, with an undisclosed investment by the Ram Charan Company of Chennai in India in May.

According to sources, Bolt Mobility has stopped operating in at most five US cities including Portland, Oregon and South Burlington. The report stated that Bolt Mobility representatives claimed they couldn't reach its CEO Ignacio Tzoumas, late Sunday night.

Portland suspended Bolt’s permit to operate in the area last month because the company failed "provide the city updated insurance and pay some outstanding fee". Robert Goulding was quoted as saying that Bolt's contacts, including the CEO, "have gone radio silent" and "have not responded to our emails." Bolt was present in more than 50 US markets. Ram Charan Company invested May to help propel transportation sustainability efforts. It brought cutting-edge solid-state battery technology, energy-efficient, metal like plastics made of recycled waste, and coiless electric engines to small and personal cars.

"Our partnership is with Bolt Mobility, which is a brand with high standards of performance and sustainability," Kaushik Palicha (Director, Ram Charan) stated in a statement. Palicha stated that Bolt will be supporting their vision of ensuring sustainability across their entire value chain, including quality of energy, materials and reach of their mobility devices. Bolt CEO Tzoumas stated that he was looking forward to working with Ram Charan and helping usher in Transportation 2.0. Bolt CEO Tzoumas stated that "Together we are helping create healthier and more livable places of the future."

 

 

 

 

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