BluSmart raises $25 Mn in extended Series A round

Electric ride-hailing platform BluSmart has raised $25 million in its extended Series A round which comprises $15 million in equity and $10 million in debt. The company has raised a total funding of $50.7 million in the Series A round which was kicked off in September last year.

BP Ventures and Green Frontier Capital led the equity round with participation from existing investors while Stride Ventures, Alteria Capital, BlackSoil and UCIC put in the debt fund.

BluSmart plans will use the proceeds to scale up its electric ride-hailing fleet to over 5,000 and expand its network of EV superhubs across Delhi-NCR, said the company in a press release. Currently, it operates a fleet of more than 1000 electric cars in Delhi NCR ranging from Tata, MG and Mahindra.

The company recently added long-range EVs and started its all-electric intercity service from Delhi-NCR to Jaipur and Chandigarh. It also has its presence in all the domestic and international terminals at the Delhi IGI Airport.

Founded by Anmol Jaggi and Punit Goyal, BluSmart is an all-electric, shared, and smart mobility platform for ride-sharing, car-sharing, and scooter-sharing. It currently operates across Delhi-NCR and the company claims to have completed 1.6 million zero-emission trips, covering 50 million kilometres.

While the mobility segment was severely impacted in FY21 due to Covid, BluSmart managed to register a decent growth during the fiscal year. According to the company’s regulatory filings, it recorded 137.5% growth in its operating revenue to Rs 8.93 crore in FY21 from Rs 3.76  crore in FY20. The firm’s annual losses also surged nearly 136% to Rs 39.45 crore in FY21 from Rs 16.71 crore in FY20.