BluSmart, an Indian EV ride-hailing company, has successfully concluded a $24 million pre-Series B fundraising round to increase its market share.
The third impact asset manager in Zurich, responsAbility Investments AG; Sumant Sinha, the creator of ReNew, an Indian company that provides decarbonisation solutions; MS Dhoni Family Office; and other current investors participated in the round.
BluSmart co-founder Punit Goyal informed in May that the company was attempting to raise approximately $25 million for a pre-Series B fundraising round.
BluSmart had secured $25 million from responsAbility earlier in January. The company’s founders, current investors, and the executive team participated in an equity round that garnered $24 million in December.
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The company’s other investors include the family office of Bollywood actress Deepika Padukone, Ka Innovations LLP, as well as BP Ventures, Survam Partners, Mayfield India Fund, 9Unicorns (now 100Unicorns), JITO Angel Network, Green Frontier Capital, Stride Ventures, Alteria Capital, and BlackSoil.
BluSmart began operations in 2019, and since then, it has expanded both its customer base and fleet size in Bangalore and Delhi-NCR. With more than 7,500 EVs, BluSmart asserts to have the biggest EV fleet in South Asia. Additionally, it owns and runs 5,000 chargers at its 50 EV charging facilities, which are dispersed over 2 million square feet in Bangalore and Delhi-NCR.
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BluSmart aspires to grow in the international market as well. With about 130 drivers and 100 Audi E-Tron SUVs, the company is presently conducting a test programme in Dubai in an effort to break into the Middle Eastern market. Later this year, the company also intends to open an office in Abu Dhabi.
According to the corporation, it has lately exceeded Rs 550 crore ARR, or the annual revenue run-rate of $65,5 million.
The funding is the latest indication of growing investor interest in the electric vehicle market in India. Numerous businesses in India, including Ather Energy, Altigreen, BatterySmart, Ola Electric, BOLT, and Baaz Bikes, have been raising capital from a variety of investors, including corporate VCs and automakers. The industry has been humming.
In light of the increasing cost of gas and diesel in India as well as growing environmental consciousness, more customers are choosing public transport like buses.
About BluSmart
BluSmart is the pioneer and top electric ride-hailing service in India. This is why we are here. The goal is to equip India’s cities with economical, intelligent, safe, dependable, and environmentally friendly transportation options.
