BluSmart raises $24 million in funding from existing investors, founders

BluSmart announces new funding round

BluSmart, an Electric Vehicle (EV) ride-hailing company, has successfully raised approximately $24 million in funding. The investment comes from existing investors, including BP Ventures, as well as contributions from the founders and the leadership team.

BluSmart owns and operates over 4,000 BluSmart EV Chargers, across 34 BluSmart EV Charging Superhubs, the firm plans to expand its Superhubs and increase the fleet size with the new round of funding.

"BluSmart aims to scale to nearly 8,000 EVs fleet size across Delhi NCR and Bangalore by next year," the firm said in a media statement.

The company did not name the investors who participated in the round. It is backed by venture capital firms like 9Unicorns, Green Frontier Capital, Survam Partners, Mayfield India Fund and venture debt firms Stride Ventures, Alteria Capital, and BlackSoil in the previous rounds.

The funding comes seven months after the firm announced raising nearly $42 million in a mix of equity and debt funding from BP Ventures, and several other existing investors.

Over 50 percent of the total capital infusion came from founders, Anmol Jaggi and Punit Goyal, to increase their stake in the company, and have financed the last round by themselves.

“It has been a landmark year for BluSmart with great achievements like the historic milestone of completion of 10 million electric trips and key industry recognitions. We will continue to expand our brand promise of zero ride denials, on time service and clean mobility to more geographies," said Jaggi in a statement.

The EV firm was founded in December 2019 by Jaggi and four others with the idea of bringing a new, greener ride-hailing option to the massive Indian market.

BluSmart currently operates within India and South East Asia offering EV full stack ecosystem with over 5,500 BluSmart EVs on the roads.

The firm claims to have recorded 10 Million Electric Trips completed  and over 330 Million Electric Kms, saving nearly 24,000 MT tons of CO2 since it began operation.

The EV firm also said that it has achieved an average revenue run rate (ARR) of Rs 400 crore as of August 2023.

“We had been continuously adding fleets, between March of 2023 versus now and we would have added more than 1200-1300 cars on the platform. We are able to also increase the number of trips from 6 trips per car a day to now 7.5 trips per car, per day,” Jaggi told Moneycontrol in September.