SUMMARY
- The funding round saw participation and over-subscription from existing investors, founders and the leadership team.
- The startup will use the capital to build large-scale EV charging superhubs enabling the expansion of its electric ride-hailing service
- Founded in 2019, BluSmart offers EV ride-hailing services and charging infrastructure across Delhi NCR, Bengaluru and other megacities in India
Delhi-NCR-based electric mobility startup BluSmart has raised $24 Mn (INR 200 Cr) in a fresh equity funding round, which saw participation and over-subscription from its existing investors, founders and leadership team.
The startup will use the capital to build large-scale EV charging superhubs enabling the expansion of its electric ride-hailing service.
Founded in 2019, BluSmart offers EV ride-hailing services and charging infrastructure across Delhi NCR, Bengaluru and other megacities in India. The startup currently operates over 5,500 EVs and aims to increase the fleet size to 8,000 across Delhi-NCR and Bengaluru by next year.
The company claims to have completed more than 10 Mn rides so far, travelling more than 330 Mn zero-carbon Kms in the process.
BluSmart also owns and operates over 4,000 EV chargers, across its 34 EV charging superhubs.
“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 Anmol Singh Jaggi, cofounder and CEO of BluSmart.
Tushar Garg, CEO of BluSmart Charging business said that 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 a lack of adequate power load. BluSmart is building large EV charging superhubs at prime locations across Delhi-NCR and Bengaluru,” he added.
In April this year, BluSmart raised $42 Mn in a funding round. The startup counts Alteria Capital, BlackSoil, Stride Ventures, Mumbai Angels, BP Ventures and LetsVenture among its investors.
The startup competes with the likes of BOLT, Ather Energy, Cell Propulsion, CHARGE+ZONE and Chargeup in the electric mobility space.
Indian EV startups offer services such as sustainable mobility, energy infrastructure, commercial mobility and battery management system, among others, to the general masses and enterprises. Besides, they are also helping reduce carbon emissions and offering a cheaper alternative to fossil fuels. As a result, the space has been gaining a lot of traction from the investors.
