BluSmart raises $50 million to expand its electric car fleet

EV Ride Hailing Service BluSmart Rakes Up $42M to Augment Operations

BluSmart, an electric ride-hailing platform from the promoters behind Renewable firm Gensol, has announced that it has raised $50 million and it will utilize the funds to purchase 5,000 more electric cars in order to scale up its electric vehicle hubs. The funds raised comprise a mix of equity and venture debt. BluSmart calls itself the largest EV hub operator in the country.

The official statement of BluSmart said that the company started its Series A round to raise funds last September which was extended as Series A1. The total fund raised was $50.7 million. BluSmart received $25 million in Series A1 round.

BluSmart said that BP Ventures and Green Frontier Capital led the funding. The existing investors of the company also participated. Venture capital companies like Inflection Point Ventures, Mumbai Angels Network, Venture Catalysts, JITO Foundation and Hero MotoCorp had previously funded BluSmart.

The company informed that Stride Ventures, Alteria Capital, BlackSoil and UCIC did the venture debt funding. BluSmart stated that by adding 5,000 electric vehicles to its absolute electric ride-hailing fleet will allow it to expand the network of EV superhubs in the Delhi-NCR region.

Anmol Jaggi, Co-founder and Chief Executive Operator, BluSmart, said, “BluSmart has been able to scale 25X since launch backed by 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 (fully electric ride-hailing fleet backed by large scale EV infrastructure).”

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He further added, “BluSmart is creating inclusive and equitable economic opportunities for driver partners who can drive and earn without the hassles of asset ownership.”

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BluSmart aims to decarbonize mobility in India’s mega cities and it has recently added long range EVs which is helping the intercity service for its customers.

BluSmart has also been the beneficiary of the largest EV financing of $35.7 million in India that was backed by IREDA. The company now sits on massive $75 million EV asset finance.