BluSmart Mobility raised $24 M Pre-series B funding from existing investors
Through the right issue, BluSmart Mobility, a provider of EV ride-hailing services and EV charging superhub infrastructure, is seeking to raise Rs 200 crore, or roughly $24 million, in a pre-Series B round.
According to BluSmart’s regulatory filing, which can be accessed through the Registrar of Companies, the board approved a special resolution to issue 10,92,890 pre-series B preference shares at an issue price of Rs 1,840 each in order to raise Rs 200 crore.
As long as the filing identifies the appropriate issue, the current investors are probably going to join the round. According to the company’s filings, BluSmart is a capital-intensive enterprise that needs significant capital to satisfy general corporate requirements.
The latest funding round was led by BP Ventures, Survam Partners, Mayfield India Fund, 9Unicorns (now 100Unicorns), JITO Angel Network, Green Frontier Capital, Stride Ventures, Alteria Capital, and BlackSoil, among other investors. However, the company did not reveal the identities of the investors involved.
In May of last year, the company’s leadership team contributed 50% of the $42 million that it raised from its current backers. Subsequently, in December and January of this year, an additional $24 million and $25 million were raised.
According to BluSmart, 36 EV charging superhubs are home to more than 4,400 EV chargers. The company accomplished a significant milestone by augmenting its fleet with 7,000 electric vehicles (EVs).
BluSmart, an on-demand startup, was founded in 2019 by Anmol, Puneet Jaggi, and Punit Goyal to challenge the on-demand duopoly of Ola Cabs and Uber. It has a pure-play electric fleet and offers scheduled pick-up and drops, in contrast to Ola, Uber, and Rapido.
According to Goyal’s recent statement, BluSmart’s revenue for FY24 was Rs 390 crore, up from Rs 160 crore for FY23. It hasn’t yet submitted audited financial statements for the previous two fiscal years, though.
