EV ride-hailing service provider BluSmart raises $24 million in funding

BluSmart has raised $109 million across its seed and Series A rounds to date

BluSmart, a Gurugram-based all electric ride hailing service provider said on Monday that it has successfully completed its pre-series B funding round, securing Rs 200 crore ($24 million).

The fundraise saw participation from new investors like Zurich-based climate finance firm responsAbility Investments, MS Dhoni’s Family Office, and Sumant Sinha, founder and chief executive officer (CEO), ReNew, a Nasdaq-listed green energy firm.

The round also saw participation from existing investors and BluSmart founders, the company said in a public statement.

It said the funding will be used for expanding operations and building EV charging infrastructure and assets.

“BluSmart is building an integrated energy-infrastructure, mobility and technology company to take full advantage of the EV revolution. Our latest fundraise of $24 million is an important step in our journey to scale the e-mobility fleet and EV charging infrastructure,” Punit Goyal, co-founder, BluSmart, said.

Goyal, along with Anmol Jaggi and Puneet Singh Jaggi, founded the company in December 2019. It was with the idea of bringing a new, greener ride-hailing option to the Indian market.

BluSmart has recently crossed Rs 550 crore annual revenue run-rate (ARR). ARR is a financial metric that estimates a company’s annual revenue based on its current monthly or quarterly revenue performance.

It currently runs around 7,500 EVs across the country and employs over 9,800 drivers.

Sinha, who participated in the latest funding round, said, “The future of mobility is electric, and e-mobility is a crucial step in making the shift to cleaner, emissions-free transportation. India’s growing economy and favourable policies provide ample impetus to this transition. I am excited to partner BluSmart in its growth journey.”

The funding comes four months after the firm announced that responsAbility Investments AG would invest up to $25 million (around Rs 208 crore) in the firm.

Sameer Tirkar, head of climate infrastructure investments, APAC, at responsAbility Investments AG, said, “We are happy to continue our partnership with BluSmart through our second round of funding. BluSmart has been able to lead the way in building from ground up an entire EV ecosystem to disrupt the conventional modes of commute without compromising on reliability and convenience. We believe in its vision and capabilities in creating positive environmental and social impact by reducing carbon emission in urban transportation.”

BluSmart has raised $109 million across its seed and series A rounds till date

The company competes with Uber and Ola, as well as new entrants like Rapido and Namma Yatri in the cab-hailing space.

Unlike its competitors, BluSmart owns its fleet of cars and the charging stations. It employs drivers who are paid a combination of fixed salaries and performance-based incentives.

It has recently ventured into EV lease business and opened its charging infrastructure for third-party usage.