EV ride-hailing platform BluSmart bags $50 million to expand the fleet to over 5,000 cars
- ByStartupStory | May 24, 2022
BluSmart, an electric car ride-hailing network, has raised $25 million in a Series A1 round of funding. It comes after the Series A funding round, which ended in September 2021. This raises the total amount invested in Series A to $50.7 million. This is one of the largest Series A fundraises in the ride-hailing and smart mobility market in the world, according to the business.
BluSmart raised $25 million in the Series A1 round, with $15 million in equity and $10 million in venture loans. Stride Ventures, Alteria Capital, BlackSoil, and UCIC participated in the venture loan round, which was headed by BP Ventures and Green Frontier Capital with participation from existing investors.
The company was founded in 2019 by Anmol Singh Jaggi, Puneet Singh Jaggi and Punit K Goyal. The money will be used to grow the company’s all-electric ride-hailing fleet to over 5,000 vehicles and develop its network of EV Superhubs across the Delhi-NCR region.
Anmol Jaggi, the co-founder and CEO of BluSmart said that the company has been able to scale 25x since launch thanks to its founding tenets of innovative supply-side differentiation (backed by institutional EV financing), customer-centric business model (zero ride denials and zero surge pricing), and full-stack EV ecosystem approach. BluSmart is enabling driver-partners to profit while driving without the hassles of asset ownership.
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