[Funding Alert] Electric ride-hailing platform BluSmart raises $7M from multiple investors
BluSmart, an all-electric ride-hailing platform, has raised pre-Series A funding of $7 million (Rs 51 crore) from multiple investors including Inflection Point Ventures, Venture Catalysts, Survam Partners, Mumbai Angels, Chhatisgarh Investments Ltd, JITO Angels, Lets Venture Fund, and Kaplavriksh Fund.
BluSmart said in a statement that it will utilise the funding to expand the number of cars on the platform, set up more charging infrastructure, improve its technology, and expand the geographical reach.
Anmol Singh Jaggi, Co-founder, BluSmart Mobility said:
“We aim at bringing in a new narrative in the EV mobility space by giving the highest quality service as evidenced by our app rating, which is highest amongst all ride-sharing platforms and thus, transforming India’s mega-cities by providing convenient, sustainable and affordable mobility with great benefits for consumers, businesses and society at large.”
Started by Anmol Singh Jaggi and Punit K Goyal in 2019, BluSmart has completed trips totalling more than 5,000,000 km with 200,000 rides, and claims to have saved carbon emission of about 375,000 kg. BluSmart had previously raised $3 million in seed round last year and after this round, it is also in discussions to raise venture debt funding and plans to add thousands of electric cars and hundreds of charging stations on its all electric ride-sharing platform in 2021.
Apoorv Ranjan Sharma, President and Co-Founder, Venture Catalysts said that BluSmart is a young Indian startup led by extremely talented founders and bears huge potential in aiding the Indian electric vehicle industry.
"We are optimistic that our investment will help the startup embark on its next phase of growth and change the dynamics of EV infrastructure in the country. Also, our association with BluSmart is one step ahead with government of India, that is currently looking to promote electric mobility as one of the key solutions to reduce carbon emission."
Edited by Kanishk Singh