EV ride-hailing startup BluSmart in talks to raise up to $100 million

BluSmart, operational in Delhi NCR and Bengaluru, made its first international foray with Dubai in June 2024 as a premium all-electric limousine service.

Ride-hailing platform BluSmart Mobility, which has an all-electric taxi fleet, has opened talks with private equity funds, climate-focused investors and family offices to raise $80 million to $100 million, sources have told Moneycontrol.

BluSmart will use the fund for the ride-hailing business as well as its EV charging infrastructure. The funds will help the company expand its fleet and take operations to new cities, the sources said.

Responding to Moneycontrol’s query, a BluSmart spokesperson said the company is committed to revolutionising urban mobility and is constantly exploring avenues for growth and expansion, which includes evaluating both debt and equity options.

“We are fortunate to have strong support from our existing investors and are seeing significant interest from them and new investors as well. Any announcement regarding our fundraising will be made through official channels at the appropriate time,” the spokesperson said in an emailed statement.

BluSmart, which operates in the National Capital Region and Bengaluru, made its international foray with Dubai in June as a premium all-electric limousine service.

In India, the company has a fleet of more than 7,600 EVs and a network of over 3,900 charging stations. In July, the company said it crossed an annual revenue run-rate of Rs 550 crore.

Headquartered in Gurugram, BluSmart Mobility was founded by Anmol Singh Jaggi, Punit K Goyal and Puneet Singh Jaggi in 2019.

BluSmart follows an asset-light business model. Cars are procured on a monthly lease from companies like EESL. The company's mobile application can be used to order rides that are similar to Uber and Ola Cabs.

The latest effort follows a $24-million fundraise led by its existing investors Zurich-based climate finance firm responsAbility Investments, the family office of former Indian men’s cricket team captain MS Dhoni and ReNew Power founder Sumant Sinha.

In January, the company raised $25 million from responsAbility, a month after it secured $24 million in an equity round.