From Switzerland-based ResponsAbility, BluSmart Mobility, an EV ride-hailing service and EV charging hub infrastructure operator, has secured $25 million in an equity and debt round.
It raised $24 million in December from the founders, current investors, and the leadership group. Including $42 million in May of last year, it has raised almost $160 million in total to date. Additionally, it has obtained $200 million in long-term, sustainable EV asset financing, supported by prestigious Development Financial Institutions (DFIs).
According to a press release from the company, BluSmart will be able to expand its EV charging infrastructure throughout India with the aid of this new investment.
BluSmart says it has driven over 11 million miles entirely on electricity and currently has 6,000 EVs under its fleet. Along with owning and running 35 EV charging stations spanning 1.4 million square feet in Bengaluru and Delhi NCR, it also has 4,000 EV chargers.
BluSmart also unveiled a revised pricing scheme, known as “rush hour pricing,” earlier this month for various times of the day. The two-tiered system, which went into effect on January 8, 2024, is divided into “rush hours” and “relaxed hours”.
BluSmart reported that its annual revenue run-rate surpassed $50 million (more than Rs 400 crore) and that it is growing at a rate of more than 100% annually.
Its scale increased by 222% to Rs 29 crore in FY22, but the company has not yet filed its FY23 results. A couple of the company’s revenue streams during that particular fiscal year were taxis and charging stations.
