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

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

EV ride-hailing firm BluSmart Mobility, which also serves as an EV charging superhub infrastructure operator, has shared that it has pocketed $42 million in its recently held round in April. BluSmart Mobility will employ the funds raised to expand reach into mega cities, and expand fleet to 10,000  over the next year.

BluSmart boasts of a fleet size of 3,500 EVs. These are presently operational in Delhi NCR and Bengaluru. The firm has set sights on 10,000 electric vehicles in FY24.

The most recent round of fundraising entailed an equity round worth $37 million while the venture debt was $5 million. The round witnessed participation from energy investors with close to 50 percent of the round subscribed by the founders of BluSmart and other leaders from the firm. As informed by BluSmart, its monthly revenue has seen expansion by three times over the span of the last three quarters.

“The electrification of public transportation is imminent but the path to electrification has its own challenges. BluSmart tackles these challenges through an integrated and full- stack approach consisting of – born electric tech stack, complete control over EV charging infrastructure (installation, execution and utilization) and choosing the prime locations to build large scale EV charging infrastructure, optimally using and maintaining the EV ride-hailing fleet at scale,” remarked Anmol Singh Jaggi, Co-Founder and Chief Executive Officer, BluSmart Mobility.

“While making EV transition in ride-hailing a reality is BluSmart’s business mission, our people mission is to create inclusive and equitable economic opportunities for driver-partners. We are focused on sustainability and profitability with a larger purpose to accelerate EV adoption and reverse climate change,” stated Tushar Garg, Co-founder and Chief Business Officer, BluSmart Mobility.

Power Finance Corporation (PFC) recently gave a loan sanction worth Rs 633 crore to Gensol Engineering Ltd. to facilitate the purchase of 5,000 passenger electric vehicles and 1,000 cargo EVs. The passenger EVs will be leased to BluSmart which will enable the firm towards fleet-expansion of ride-hailing cabs. The disbursement of the first tranche of the loan has already taken place and the EVs have already begun to ply in Delhi. The cabs became operational on April 20, 2023.

BluSmart has pocketed $109 million across its Seed to Series A2 rounds including an equity raise of $85 million across Series A rounds. The firm has also mopped up EV asset leasing of $150 million backed by IREDA and others.