BluSmart raised $24 M from existing investors, founders & leadership team
In a recent equity round, BluSmart Mobility, an EV ride-hailing service and operator of EV charging superhub infrastructure, raised $24 million.
The company reports that the founders, current investors, and the leadership team participated in the round and oversubscribed.
The company is supported by BP Ventures, Survam Partners, Mayfield India Fund, 9Unicorns, Green Frontier Capital, Stride Ventures, Alteria Capital, and BlackSoil, among others; however, the names of the investors who took part in the most recent funding were not disclosed by the company.
The company raised $42 million in May, with its leadership team contributing 50% of the total. To date, BluSmart has raised over $133 million, including a multi-tranche Series A round of $85 million.
“We will continue to expand our brand promise of zero ride denials, on time service and clean mobility to more geographies. The overwhelming support for the rights issue by our investors and belief exhibited by leading Development Financial Institutions (DFIs) shows exceptional confidence in our mission,” said Anmol Singh Jaggi, co-founder and CEO of BluSmart in a statement.
BluSmart is an all-electric, shared, and smart mobility platform that offers ride-sharing, car-sharing, and scooter-sharing. It was founded in 2019 by Anmol Jaggi, Puneet Jaggi, and Punit Goyal to challenge the dominance of Ola Cabs and Uber in the ride-hailing market.
According to the company, 34 charging hubs are home to more than 4,000 EV chargers that it owns and runs.
By the following year, it hopes to expand to a fleet size of about 8,000 EVs throughout Bengaluru and Delhi-NCR.
BluSmart also reported that its yearly revenue run-rate has crossed $50 million (roughly Rs 400 crore) and that it is growing at a rate of more than 100% year over year. The company increased in size by 222% to Rs 29 crore in FY22, but it has not yet filed its FY23 results.
