BluSmart raises $25 Mn from Swiss-based ResponsAbility

BluSmart Mobility, an EV ride-hailing service and EV charging hub infrastructure operator, has scooped up $25 million in an equity and debt round from Switzerland-based ResponsAbility.

In December, it raised $24 million from existing investors, founders and the leadership team. In total, it has raised nearly $160 million to date including $42 million in May last year. Separately, it has also secured long-term and sustainable EV asset financing of $200 million backed by leading Development Financial Institutions (DFIs).

The fresh investment will help BluSmart in expanding its EV charging infrastructure across India, the company said in a press release.

BluSmart currently operates 6,000 EVs and claims to have completed over 11 million all-electric trips. It also owns and operates 4,000 EV chargers across its 35 EV charging locations spread across 1.4 million sq. feet in Delhi NCR and Bengaluru.

Earlier this month, BluSmart also introduced a new pricing (rush hour pricing) structure for different times of the day. The structure consists of two tiers – ‘rush hours’ and ‘relaxed hours’ which came into effect from January 8, 2024.

BluSmart said that it crossed $50 million (more than Rs 400 crore) in annual revenue run-rate and is growing at more than 100% year-on-year.

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.