Summary:

  • BluSmart Mobility, is an electric vehicle (EV) ride-hailing service and EV charging superhub infrastructure operator. 

  • The round was led by undisclosed name of investors

  • The company currently operates more than 4,400 EV chargers across 36 EV charging superhubs. Additionally, it has grown its fleet to include 7,000 electric vehicles (EVs)

BluSmart Mobility, an electric vehicle (EV) ride-hailing service and EV charging superhub infrastructure operator, is raising Rs 200 crore in a new funding round.

This development marks a significant step in the company’s ongoing expansion and operational scaling efforts.

According to regulatory filings obtained from the Registrar of Companies, BluSmart’s board has approved a special resolution to issue 1,092,890 pre-Series B preference shares at an issue price of Rs 1,840 each, amounting to Rs 200 crore. The company has indicated that its existing investors are expected to participate in this round of funding. The filings also highlight that BluSmart’s business model is highly capital-intensive, necessitating substantial investments to support its general corporate needs.

While BluSmart has not disclosed the identities of the investors participating in this latest round, the company is known to be backed by several prominent investors. These include BP Ventures, Survam Partners, Mayfield India Fund, 9Unicorns (now 100Unicorns), JITO Angel Network, Green Frontier Capital, Stride Ventures, Alteria Capital, and BlackSoil. This diverse group of investors underscores the broad support and confidence in BluSmart’s business model and prospects.

The recent funding efforts are part of a broader strategy to bolster the company’s financial foundation. In May of the previous year, BluSmart secured $42 million from its existing investors, with half of this amount being contributed by its leadership team. This was followed by additional capital injections of $24 million in December and $25 million in January of the current year.

BluSmart has made substantial strides in building its infrastructure and expanding its fleet. The company currently operates more than 4,400 EV chargers across 36 EV charging superhubs. Additionally, it has grown its fleet to include 7,000 electric vehicles (EVs), positioning it as a significant player in the EV mobility sector.

Established in 2019 by Anmol and Puneet Jaggi along with Punit Goyal, BluSmart is challenging the dominance of traditional ride-hailing giants like Ola Cabs and Uber. Unlike these competitors, which operate on an on-demand model, BluSmart offers scheduled pick-ups and drop-offs and maintains an exclusively electric fleet. This approach not only differentiates BluSmart in a crowded market but also aligns with global trends towards sustainability and reduced carbon emissions.

In a strategic move to extend its market reach, BluSmart is set to enter the Dubai market with an official launch scheduled for the first week of June. This international expansion signifies the company’s ambition to become a global player in the EV ride-hailing and charging infrastructure sector.

Punit Goyal, one of BluSmart’s founders, recently revealed that the company recorded Rs 390 crore in revenue for the fiscal year 2024, a substantial increase from Rs 160 crore in the previous fiscal year. However, it is important to note that BluSmart has yet to file audited financial statements for the past two fiscal years, which will be crucial in providing a comprehensive view of the company’s financial health and operational performance.

The first to report on this development was Inc42, highlighting the increasing media and investor attention on BluSmart’s progress and potential in the EV space.

Overall, BluSmart Mobility’s significant funding initiatives, rapid infrastructure growth, and ambitious expansion plans underscore its commitment to revolutionizing the ride-hailing industry with sustainable electric solutions. The ongoing support from existing investors and the strategic move into new markets are likely to propel BluSmart towards achieving its long-term goals and establishing a strong foothold in the global EV market.