Amid financial crisis, BluSmart reaches 25 million trips milestone

Bringing a positive twist amid an ongoing restructuring exercise, exodus at the top level, and a financial crisis, BluSmart, an all-electric ride-hailing firm, shared that the company has achieved a milestone of completing 25 million trips since its inception and has hit an annualised revenue run-rate of Rs 790 crore.

 

"We are proud to announce that BluSmart's all-electric ride-hailing fleet has completed 25 million cumulative trips (2.5 crore trips) since our launch. We’ve also hit an annualised revenue run-rate (ARR) of Rs 790 crore/$93 million," the company's co-founder Punit K Goyal wrote on the professional networking platform LinkedIn on Tuesday.

 

 

Despite the company's challenges, BluSmart has assured that its ride-hailing operations will remain unaffected and also denied its sale to any competitor business.

 

In an earlier interaction with Business Standard, Anmol Jaggi, the co-founder of BluSmart Mobility, said, "In all previous and current rounds, the family has invested significant money. We are committed to running the business; we are substantial owners. Why would we give away such a beautiful business that we have built? We want to own it forever."

 

On the liquidity concerns, Jaggi said the total debt of BluSmart is at an all-time low. "We initially raised Rs 980 crore in debt and have repaid over Rs 700 crore. My next major payment is due in November 2025. Now that we have raised funds, we have ample liquidity to run the business," Jaggi added.

 

According to data from market intelligence platform Tracxn, BluSmart registered revenue of Rs 70.9 crore in FY23, compared to Rs 8.1 crore in FY22. However, the company's net losses also increased from Rs 100.4 crore to Rs 215.9 crore during the same period. The company is yet to file its FY24 financials.