BP Ventures and Other Investors Provide $42 Million in Funding to EV Cab Startup BluSmart
- ByStartupStory | May 4, 2023
BluSmart, an electric vehicle (EV) ride-hailing startup, has secured approximately $42 million in funding from a consortium of investors, including BP Ventures. The investment round comprises $37 million in equity and $5 million in venture debt. According to a press release, the funding was led by current energy investors, with almost 50% of the total round subscribed by the BluSmart founders and leadership team.
BluSmart announced that it experienced a 3x increase in monthly revenue over the last three quarters. The latest funding of $42 million from BP Ventures and other investors will be used to further penetrate mega cities and expand its fleet capacity to 10,000 within the next year. In May 2022, BluSmart raised $25 million in a combination of equity and debt funding. Previously, BP Ventures, Green Frontier Capital, Stride Ventures, Alteria Capital, BlackSoil, and UCIC had invested $85 million in BluSmart’s Series A rounds, bringing its total funding to $109 million.
BluSmart has achieved the largest EV asset financing in India through Power Finance Corporation (PFC), enabling the company to introduce 5,000 EVs into its fully-electric ride-hailing fleet. BluSmart’s CEO and cofounder, Anmol Singh Jaggi, stated that the electrification of public transportation is inevitable, but comes with challenges. The company tackles these challenges through a full-stack approach that includes a born-electric tech stack, complete control over EV charging infrastructure, and the strategic location of large-scale EV charging stations.
Calling all entrepreneurs, investors and business owners! The wait is finally over. The 2nd edition of Startup Story B2B Connect is back with a bang – and this time, we’re taking it up a notch. With more startups, more investors and bigger opportunities than ever before, this is your chance to connect, collaborate and take your business to the next level. Get ready for an unforgettable networking experience that’s set to change the game. Stay tuned for all the exciting updates! Register Now Here.
Follow Startup Story
Related Posts
