BluSmart To Raise $300 Mn In Next 3 Years, To Expand Fleet: Report

BluSmart To Raise $300 Mn In Next 3 Years, To Expand Fleet: Report

Electric Car operator BluSmart has announced it is planning to raise more than $300 million in three years with an aim of expanding its fleet by including thousands of electric cars. According to several media reports, the company aims to increase its fleet of electric vehicles to take on the likes of Uber and Ola.

BluSmart co-founder Punit Goyal has said that the company intends to grow its fleet of electric vehicles from 7,500 to 13,000 by March 2025, as reported by several news portals. In three years, it has the target to have 25,000 automobiles.

The operator of electric vehicles wishes to expand outside Delhi, particularly to Bengaluru. Then there is the growth in Dubai, where around 100 Audi EVs will be introduced the following month. By December, it wants to increase the number of EVs in the fleet in Dubai to 300 and add Tesla vehicles as well. By March 2025, BluSmart expects to have doubled its yearly revenue to $110 million.

The company is now raising $25 million, with contributions from its founders, current investors, family offices, and founders of other startups, in addition to the $200 million in equity and long-term growth debt it has already secured. The article said that this investment round, which is a portion of its $300 million, three-year plan, will end by the end of June. BluSmart’s EV fleet in India currently comprises Tata Motors, BYD, MG Motor and Citroën vehicles.

BluSmart has also announced that it has crossed the Annual Run Rate (ARR) of Rs 500 Crore ($60 Million) achieving 102% growth over the previous year. BluSmart’s gross business value (GBV) witnessed phenomenal growth, delivering a CAGR of 300% over the last three years, and is well poised for continued growth.

The global electric vehicle (EV) market size is estimated to grow by USD 343.01 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 13.51% during the forecast period. The rise in concern over emissions from fossil fuel vehicles has spurred a surge in demand for low-emission and fuel-efficient vehicles worldwide. This shift is primarily driven by escalating fuel prices and geopolitical tensions affecting oil exports.