BluSmart Mobility, an EV ride-hailing service and EV charging superhub infrastructure operator, on Thursday announced that it has raised $42 million in a Series A2 round.
The latest round includes an equity round of $37 million and venture debt of $5 million. Existing investors along with BluSmart founders and leadership team also joined the round with the latter contributing nearly 50% of the total capital.
BluSmart is backed by quite a few marquee investors, including BP Ventures, Survam Partners, Mayfield India Fund, 9Unicorns, Green Frontier Capital, Stride Ventures, Alteria Capital, and BlackSoil, among others.
The company’s monthly revenue has grown 3x over the last three quarters and fresh funding will be utilised to penetrate deeper into mega cities and expansion of fleet capacity, BluSmart said in a press release.
Founded in 2019 by Anmol Jaggi, Puneet Jaggi and Punit Goyal, BluSmart takes on the duopoly of Ola Cabs and Uber in the ride-hailing space with an all-electric, shared, and smart mobility platform, which includes ride-sharing, car-sharing, and scooter-sharing.
The company currently operates in Delhi-NCR and Bengaluru regions. The EV startup aims to increase its fleet size to 10,000 in FY24 from the current strength of 3,500.
BluSmart recently said it was aiming to touch profitability by the end of 2023.
While the firm did not comment on the latest revenue numbers, it registered Rs 29 crore in revenue in FY22 whereas losses stood at Rs 65 crore.
BluSmart has raised $109 million across its seed to Series A2 rounds, including $85 million in Series A round in multiple tranches. As per the company, it has also received EV asset leasing of $150 million (Rs 1,200 crore approximately) backed by Development Financial Institutions like PFC, IREDA among others which will add 5000 EVs to its electric ride-hailing fleet.
BluSmart did not comment on valuation, but the firm is expected to join the unicorn league in the next few rounds.