BluSmart Secures Rs. 200 Cr In Pre-Series B Funding Round

BluSmart Secures Rs. 200 Cr In Pre-Series B Funding Round

BluSmart, the Gensol backed EV RideHailing service provider recently completed its Pre-Series B funding round, in which the company secured Rs. 200 Crore (USD 24 million). The funding will further assist BluSmart in expanding its EV operations and building EV charging infrastructure in major Indian cities.

This new investment round saw participation from new investors like, responsAbility Investments AG, Sumant Sinha of ReNew, and the MS Dhoni Family Office, along with existing investors and the company’s founders.

The company said it has recently crossed ₹550 crore ARR ($65 million Annual Revenue Run-rate).

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It has secured long-term and sustainable EV asset financing of $200 million backed by leading Development Financial Institutions (DFIs) so far.

BluSmart aims to electrify and decarbonize mobility in India. The company started with the electrification of 70 EVs in January 2019, which expanded to 7,500 BluSmart EVs operating across Delhi NCR and Bangalore. The company covered over half a billion electric kilometers, delivering over 16 million electric trips and saving nearly 40 million kilograms of CO2 emissions since its launch. Moreover, BluSmart simultaneously created economic opportunities for approximately 9,800 BluSmart driver-partners in the country.

Additionally, BluSmart Charge, the company’s arm, operates 50 EV charging hubs across 2 million square feet. Recently, the company launched its ‘BluSmart Charge app’ for public access, it has grown over the years, crossing an Rs. 550 Crore Annual Revenue Run-rate (USD 65 million).

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From an initial focus on lucrative routes like City to Airport, BluSmart has been expanding to increase availability and options for its users. The firm is also the only one at this scale to offer a rental option for its drivers, who don’t own the vehicles they drive.   

“BluSmart is building an integrated energy-infrastructure, mobility, and technology company to take the full advantage of the EV revolution. Our latest fundraise of $24 million is an important step in our journey to scale the eMobility fleet and EV Charging Infrastructure,” said Punit Goyal, Co-founder of BluSmart.