BluSmart, India and South Asia's vertically integrated EV Ride Hailing service and EV Charging Infrastructure network, has completed Pre-Series B funding round securing $24 million (Rs. 200 crore) in investment.
The fundraise saw participation from new investors comprising names like responsAbility Investments AG (a impact asset manager), Sumant Sinha (global player in the Renewable Energy sector); MS Dhoni Family Office (Cricket icon and former Indian Captain); existing investors and BluSmart founders who all share the company’s vision of ‘Decarbonising Mobility at Scale’.
The latest funding round will support BluSmart in expanding its operations and building real EV charging infrastructure & assets in the mega cities of India.
BluSmart EV Fleet has scaled over 110x from 70 EVs (Jan 2019) to 7,500 BluSmart EVs across Delhi NCR and Bangalore. The company achieved a historic milestone of over half a billion (500+ million) electric km and delivered over 16 million electric trips saving nearly 40 million kg of CO2 emissions since launch. BluSmart has over 4 million app downloads and an overall 4.9/5 on iOS and Android, India’s highest rated RideHailing service. It has created equitable economic opportunities for over 9,800 BluSmart driver partners in India.
Additionally, BluSmart Charge operates India's largest EV Charging Infrastructure with 50 EV Charging Hubs spread across 2 million sq. ft. - bedrock for accelerating the EV adoption in India. ‘BluSmart Charge app’ was recently launched for public access. BluSmart has demonstrated phenomenal growth in the last one year and has recently crossed Rs. 550 crore ARR ($65 million Annual Revenue Run-rate).
Punit Goyal, Co-Founder of BluSmart, said, “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.”
Till now, the company has secured long-term and sustainable EV asset financing of $200 million backed by leading Development Financial Institutions (DFIs).
