BluSmart’s $24M Funding: A New Era for Electric Taxis

Gurugram, December 21, 2023 – In a significant move for India’s sustainable mobility sector, BluSmart Mobility, an electric vehicle (EV) ride-hailing service and EV charging superhub infrastructure operator, has successfully raised $24 million in a new equity round. This round of funding marks a substantial step forward for the company, underscoring a growing confidence in electric mobility solutions.

Investor Participation and Company Backing
The latest financing round, notable for its participation and over-subscription from existing investors, founders, and the leadership team, has bolstered BluSmart’s financial position. While the names of the participants in this round remain undisclosed, the company is backed by a variety of prominent investors including BP Ventures, Survam Partners, Mayfield India Fund, and others. Prior to this, BluSmart had raised a total of over $133 million, including a significant $85 million in its Series A round conducted in multiple tranches.

Expanding Horizons
BluSmart, founded in 2019 by Anmol Jaggi, Puneet Jaggi, and Punit Goyal, is strategically positioned to challenge the duopoly of Ola Cabs and Uber in India. With its all-electric, shared, and smart mobility platform encompassing ride-sharing, car-sharing, and scooter-sharing, BluSmart is not just an alternative but a greener solution in the ride-hailing space. The company currently operates in Delhi-NCR and Bengaluru and has ambitious plans to scale its fleet to nearly 8,000 EVs across these regions by the next year.

Revenue Growth and Future Prospects
Reflecting its growing market presence, BluSmart has crossed a $50 million annual revenue run-rate, growing at over 100% year-on-year. The company’s latest financial performance shows a significant leap, with revenues climbing 222% to Rs 29 crore in FY22. This growth is primarily fueled by its two main revenue streams – cabs and charging facilities.

A Commitment to Sustainable Mobility
The raised funds will be channeled towards building large-scale EV charging superhubs, critical for expanding its electric ride-hailing service. With over 4,000 EV chargers across 34 charging hubs, BluSmart is not just providing a ride-hailing service but also contributing significantly to the EV infrastructure in India. The company’s in-house technology has facilitated 10 million electric trips, covering over 330 million electric kilometers, and saving nearly 24,000 metric tonnes of CO2 emissions.

Addressing Infrastructure Challenges
The biggest challenge for large-scale EV adoption is the charging infrastructure, particularly in cities with limited prime locations and inadequate power load. BluSmart is tackling this issue head-on by establishing large EV charging superhubs at strategic locations.

This funding round is not just a financial milestone for BluSmart but a clear indicator of the growing confidence in sustainable mobility solutions. As BluSmart continues to expand its operations and infrastructure, it represents a significant step towards a greener and more sustainable future in urban transportation​​​​​​.



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