BluSmart raises $24 mn in new equity round, will expand charging infra

Ride-hailing company says it aims to have a fleet of 8,000 EVs in Delhi and Bangalore by next year

BluSmart, the homegrown electric ride-hailing company, said on Thursday it raised $24 million (Rs 200 crore) in a new equity round in December.

The round saw participation from existing investors, founders and the company’s leadership team. The company will use the money to scale up its electric vehicle (EV) charging infrastructure network.

"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," said Anmol Singh Jaggi, co-founder and chief executive officer (CEO) of BluSmart.

BluSmart separately secured long-term and sustainable EV asset financing of $200 million (Rs 1,660 crore) backed by the Development Financial Institutions (DFIs).

"The overwhelming support for the rights issue by our investors and belief exhibited by leading Development Financial Institutions (DFIs) shows exceptional confidence in our mission," said Jaggi.

BluSmart owns and operates more than 4,000 EV chargers. The company said it is aiming to scale to nearly 8,000 EVs fleet size across Delhi and Bengaluru by next year.

"EV charging infrastructure is the biggest bottleneck for large-scale EV adoption and is also the single largest opportunity. Cities have challenges with finite prime locations and lack of adequate power load," said Tushar Garg, CEO of BluSmart Charging.

"BluSmart is building large EV Charging Superhubs at prime locations across Delhi and Bangalore with industry-leading utilisation," he said.

BluSmart operates India's and South East Asia's largest EV full-stack ecosystem with over 5,500 EVs on Indian roads.

The company said it has crossed $50 million in annual revenue run-rate and is growing at more than 100 per cent year-on-year.