BluSmart raises $24 Mn from existing investors, founders and leadership team

BluSmart Mobility, an EV ride-hailing service and EV charging superhub infrastructure operator, has raised $24 million in a new equity round.

According to the company, the round saw participation and over-subscription from existing investors, founders and the leadership team.

While the company did not disclose the name of investors participating in the latest financing, it is backed by BP Ventures, Survam Partners, Mayfield India Fund, 9Unicorns, JITO Angel Network, Green Frontier Capital, Stride Ventures, Alteria Capital, and BlackSoil, among others.

In May, the company raised $42 million of which 50% was subscribed by its leadership team. BluSmart has raised more than $133 million to date including $85 million in Series A round in multiple tranches.

“We will continue to expand our brand promise of zero ride denials, on time service and clean mobility to more geographies. 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” said Anmol Singh Jaggi, co-founder and CEO of BluSmart in a statement.

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 claims that it owns and operates over 4,000 EV chargers across 34 charging hubs.

It operates in Delhi-NCR and Bengaluru and aims to scale to nearly 8,000 EVs fleet size across the regions by next year.

BluSmart also said that it crossed $50 million (Rs 400 crore approximately) in annual revenue run-rate and is growing at more than 100% YOY. While the company is yet to file its FY23 results, its scale jumped 222% to Rs 29 crore in FY22. Cabs and charging facilities were two sources of revenue for the company in the said fiscal year.  According to startup data intelligence platform TheKredible, the firm’s losses also grew 66% to Rs 65.4 crore during the period.