On Thursday, BluSmart Mobility, an EV ride-hailing service and superhub infrastructure operator, disclosed that it had raised $42 million in a Series A2 round of funding.
A $37 million equity round and $5 million in venture debt are included in the most recent round. Along with new investors, the BluSmart founders and executive team participated in the round as well, with the latter providing close to half of the total funding.
Several well-known investors have backed BluSmart, including BP Ventures, Survam Partners, Mayfield India Fund, 9Unicorns, Green Frontier Capital, Stride Ventures, Alteria Capital, and BlackSoil.
According to a press release from BluSmart, the company’s monthly revenue has increased three times over the past three quarters. The new funding will be used to expand the fleet’s capacity and further foray into megacities.
In the ride-hailing market, BluSmart, founded in 2019 by Anmol Jaggi, Puneet Jaggi, and Punit Goyal, competes with the oligopoly of Ola Cabs and Uber with an all-electric, shared, and smart mobility platform that offers ride-sharing, car-sharing, and scooter-sharing.
Currently, the company serves the Bengaluru and Delhi-NCR regions. The EV startup wants to grow its fleet from its current strength of 3,500 vehicles to 10,000 in FY24.
Recently, BluSmart stated that it planned to achieve profitability by the end of 2023.
Although the company declined to comment on the most recent revenue figures, it reported Rs 29 crore in revenue and Rs 65 crore in losses in FY22.
Between its seed and series A2 rounds, BluSmart raised $109 million, including $85 million in its series A round over several installments. The company claims that it has also received EV asset leasing worth $150 million (roughly Rs 1,200 crore) from development financial institutions like PFC and IREDA, among others, which will increase the number of EVs in its fleet of electric ride-hailing vehicles by 5000.
Although BluSmart declined to comment on valuation, the company is anticipated to join the unicorn league soon.
