BluSmart to Raise $50 Million in Series B Funding Round
- ByStartupStory | January 9, 2025
Electric ride-hailing platform BluSmart is gearing up to secure $50 million (₹425 crore) in its ongoing Series B funding round, pushing its pre-money valuation to $335 million (₹2,750 crore). The Gurugram-based company has already secured half the targeted amount, with participation from a mix of existing investors, high-net-worth individuals (HNIs), promoters, and venture capital funds. BluSmart anticipates closing the round by next month.
BluSmart reported a robust annual revenue rate of $95 million (₹815 crore) for FY2025, marking significant growth over previous years. According to co-founder Punit Goyal, “BluSmart recorded Rs 390 crore in revenue in FY24 as compared to Rs 160 crore in FY23.”
The company recently filed with the Registrar of Companies to issue 17,70,833 Series B CCPS at ₹2,400 each, according to a regulatory filing. BluSmart has already secured ₹61 crore from 26 individual investors. The company was valued at around ₹3,050 crore (approximately $363 million) post-allotment, per estimates by Fintrackr.
This marks the second funding round in six months for BluSmart, following its $24 million pre-Series B round closed earlier this year.
As part of its expansion strategy, BluSmart recently launched operations in Mumbai, covering key areas like Goregaon, Bandra, and Bandra Kurla Complex (BKC). The services are initially available via an invite-only model but will expand citywide soon.
BluSmart co-founder Punit Goyal stated, “We are thrilled to officially expand our all-electric ride-hailing services to Mumbai this week, offering clean and reliable mobility options to one of India’s busiest cities.”
This expansion follows the launch of BluSmart’s maiden international services in the UAE in June 2024, with premium all-electric limousines.
BluSmart operates 5,800 EV charging stations across 50 hubs in Bengaluru and Delhi NCR, covering more than two million square feet. Its network is powered by 10,000 active driver partners and features a fleet of over 8,500 premium EV sedans. Since its founding in 2019, BluSmart has completed over 22 million rides and covered 680 million clean kilometers.
BluSmart has been a pioneer in South Asia as an all-electric ride-hailing platform and EV charging infrastructure operator, setting benchmarks for sustainability and innovation.
Founded by Anmol Jaggi, Puneet Jaggi, and Punit Goyal, BluSmart differentiates itself from competitors like Ola, Uber, and Rapido with its on-demand model, scheduled pickups, and all-electric fleet. The company plans to continue scaling its operations in India and internationally.
With this funding, BluSmart aims to strengthen its fleet and infrastructure further, ensuring clean, efficient, and reliable mobility options. The company’s focus on sustainability and innovation is driving significant interest from investors, with its Series B funding round set to propel it into its next growth phase.
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