BluSmart Secures $24 Million in Equity Round, Driven by Existing Investors, Founders, and Leadership Team

• ByStartupStory     |    December 21, 2023

BluSmart Mobility, a leading electric vehicle (EV) ride-hailing service and EV charging superhub infrastructure operator, has successfully raised $24 million in its latest equity round. The funding round witnessed strong participation and over-subscription from existing investors, founders, and the company’s leadership team.

While the specifics of the investors in this latest financing were not disclosed, BluSmart is known to have support from notable backers such as BP Ventures, Survam Partners, Mayfield India Fund, 9Unicorns, Green Frontier Capital, Stride Ventures, Alteria Capital, and BlackSoil, among others.

This follows a previous funding round in May, where BluSmart secured $42 million, with 50% of the investment coming from its leadership team. The company has now raised a total of more than $133 million, including an $85 million Series A round conducted in multiple tranches.

Anmol Singh Jaggi, co-founder and CEO of BluSmart, expressed gratitude for the continued support, stating, “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.”

Founded in 2019 by Anmol Jaggi, Puneet Jaggi, and Punit Goyal, BluSmart has positioned itself as a key player challenging the duopoly of Ola Cabs and Uber in the ride-hailing space. The company’s unique approach involves an all-electric, shared, and smart mobility platform encompassing ride-sharing, car-sharing, and scooter-sharing services.

BluSmart asserts ownership and operation of over 4,000 EV chargers spread across 34 charging hubs. Currently operational in Delhi-NCR and Bengaluru, the company has ambitious plans to expand its fleet size to nearly 8,000 EVs across these regions by the next year.

The company reported crossing the $50 million (approximately Rs 400 crore) annual revenue run-rate milestone and achieving over 100% year-on-year growth. Although BluSmart is yet to release its FY23 results, the firm demonstrated a significant scale jump of 222%, reaching Rs 29 crore in revenue during FY22. Cabs and charging facilities constituted the primary revenue sources for the company in the said fiscal year. However, losses also increased by 66%, reaching Rs 65.4 crore during the same period, as per startup data intelligence platform TheKredible.

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