BluSmart, India’s first and largest vertically integrated EV RideHailing service, has recently completed a successful Pre-Series B funding round, securing $24 million in investments. The funding round saw participation from new investors such as responsAbility Investments AG, Sumant Sinha, and MS Dhoni Family Office, along with existing investors and BluSmart founders. The company’s vision of ‘Decarbonizing Mobility at Scale’ resonated with all investors. This funding will support BluSmart in expanding its operations and developing real EV charging infrastructure in major Indian cities.
BluSmart has been at the forefront of decarbonization and electrification of mobility in India. The company has scaled its EV fleet significantly, from 70 EVs in January 2019 to 7,500 BluSmart EVs across Delhi NCR and Bangalore. BluSmart has achieved a milestone of over 500 million electric kms and delivered over 16 million electric trips, saving nearly 40 million kgs of CO2 emissions since its launch. The company is focused on providing a seamless and sustainable ride-hailing experience to its customers.
With over 4 million app downloads and an overall rating of 4.9/5 on iOS and Android, BluSmart has become India’s highest-rated RideHailing service. The company has also created economic opportunities for over 9,800 driver partners in India. BluSmart Charge operates India’s largest EV Charging Infrastructure with 50 EV Charging Hubs spread across 2 million sq. ft. The recent launch of the ‘BluSmart Charge app’ aims to offer a reliable charging experience to users. BluSmart’s rapid growth has been reflected in its revenue, which has crossed Rs5.5 billion ARR ($65 million Annual Revenue Run-rate).
Punit Goyal, Co-Founder of BluSmart, stated that the latest fundraise of $24 million is a significant step in the company’s journey to scale its eMobility fleet and EV Charging Infrastructure. Sameer Tirkar from responsAbility Investments AG expressed his excitement about continuing the partnership with BluSmart and commended the company’s efforts in creating a positive environmental impact. Sumant Sinha, a pioneer in the Renewable Energy sector, highlighted the importance of eMobility in achieving cleaner, emissions-free transportation, and expressed his excitement in partnering with BluSmart.
MS Dhoni, a cricket icon and investor in BluSmart, emphasized the importance of supporting sustainable businesses that shape the future of mobility. He praised BluSmart for its pioneering efforts in reshaping urban transportation. BluSmart is committed to decarbonizing, electrifying, and revolutionizing mobility in India, with a vision towards a 100% emission-free future. The company has secured sustainable EV asset financing of $200 million, backed by leading Development Financial Institutions (DFIs). The future of mobility in India looks promising with BluSmart leading the way towards cleaner and sustainable transportation solutions.
