BluSmart Achieves Rs 400 Crore in ARR, Set to Double Fleet to 10,000: Co-founder Anmol Singh Jaggi
- ByStartupStory | September 6, 2023
BluSmart Mobility, an Indian ride-hailing startup exclusively using electric vehicles (EVs), has achieved an average revenue run rate (ARR) of Rs 400 crore as of August 2023. This represents a significant increase of almost 60 percent compared to the previous fiscal year’s end, according to cofounder Anmol Singh Jaggi. The growth is primarily attributed to an increase in the number of trips and the expansion of the vehicle fleet.
“We had been continuously adding fleets, between March of 2023 Vs now and we would have added more than 1200-1300 cars on the platform. We are able to also increase the number of trips from 6 trips per car a day to now 7.5 trips per car, per day,” Jaggi said.
Delhi-based BluSmart has introduced new features allowing passengers to schedule regular rides for a month, which has helped in gaining more traction.
“We recently launched some premium vehicles in Bangalore which are doing well and we have also started a new feature of enabling recurring trips, just like how you order groceries on a daily basis, passengers can book the cab at a specific time and book for 30 days…We are seeing a lot of traction for this feature,” Jaggi added.
In FY22, BluSmart reported an operating revenue of Rs 29 crore, up more than 200 percent from Rs 9 crore reported the previous year.
“We did an operating revenue of Rs 170 crore in FY23; this comes from the main drivers of increased trips and adding new features,” Jaggi said.
However, the company saw its net loss widen to more than 66 percent to Rs 65 crore in FY22.
Jaggi stated that the company is moving towards profitability and is already EBITDA positive.
“We are already EBITDA positive as of now, not due to bringing down our expenses in a big way but rather by increasing revenue…Road to profitability is through consistent revenue increase,” Jaggi said.
BluSmart finances drivers’ cars, sets up EV charging infrastructure in collaboration with partners and is also involved in EV manufacturing with partner GenSol Engineering Ltd.
BluSmart procures its EV cars from Tata Motors and aims to increase its EV car fleet to approximately 10,000 vehicles by March 2024, doubling its current count of 5,000 cars on its platform.
Founded in December 2019, BluSmart raised $109 million across its seed and Series A rounds and recently secured $42 million in funding from investors including BP Ventures. The company is currently valued at $250 million, and its founders participated in the last funding round.
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