EV Mobility Startup BluSmart Gains Strong Backing With $24 Mn Funding

BluSmart Mobility, the electric vehicle (EV) ride-hailing service and operator of EV charging superhubs, has successfully raised $24 million in its latest equity round. This development follows substantial support and oversubscription from existing investors, founders, and the leadership team.

While specific details of the latest investors remain undisclosed, BluSmart enjoys support from notable names such as BP Ventures, Survam Partners, Mayfield India Fund, 9Unicorns, Green Frontier Capital, Stride Ventures, Alteria Capital, and BlackSoil.

BluSmart Funding

Having raised $42 million in May, with half subscribed by its leadership team, BluSmart has now amassed over $133 million in funding to date. Notably, $85 million came from a Series A round conducted in multiple tranches.

Anmol Singh Jaggi, co-founder and CEO of BluSmart, expressed the company's commitment to expanding its brand promise. This commitment revolves around ensuring zero ride denials, on-time service, and a focus on clean mobility.

Jaggi added, "The overwhelming support for the rights issue by our investors and belief exhibited by leading Development Financial Institutions (DFIs) shows exceptional confidence in our mission."

Founded in 2019 by Anmol Jaggi, Puneet Jaggi, and Punit Goyal, BluSmart has disrupted the ride-hailing space dominated by Ola Cabs and Uber. The company distinguishes itself with an all-electric, shared, and smart mobility platform, encompassing ride-sharing, car-sharing, and scooter-sharing.

BluSmart boasts ownership and operation of over 4,000 EV chargers across 34 charging hubs. Currently operating in Delhi-NCR and Bengaluru, the company has ambitious plans to scale its fleet size to nearly 8,000 EVs across regions by the next year.

BluSmart recently achieved a significant milestone by surpassing $50 million (approximately Rs 400 crore) in annual revenue run-rate. The company reports a growth rate of more than 100% year over year. Although the FY23 results are pending, BluSmart witnessed a remarkable 222% scale jump to Rs 29 crore in FY22. The firm generates revenue from its ride-hailing services and charging facilities.

However, it's worth noting that, according to startup data intelligence platform TheKredible, BluSmart also experienced a 66% increase in losses, amounting to Rs 65.4 crore during the same period.

BluSmart's latest funding round reflects a strong vote of confidence from investors, propelling the company forward in its mission to revolutionize clean and sustainable mobility solutions.

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