[Funding alert] EV ride-hailing startup BluSmart raises $25M in extended Series A round
Electric ride-hailing platformhas raised $25 million in an extended Series A round, which is a follow-up to the Series A funding round that closed in September 2021. This brings the total amount raised in Series A round to $50.7 million.
The $25 million in the Series A1 round includes $15 million in equity capital and a venture debt of $10 million. The equity round was led by BP Ventures and Green Frontier Capital, with participation from existing investors. The venture debt funding comes from Stride Ventures, Alteria Capital, BlackSoil, and UCIC.
According to the official statement, BluSmart plans to use the funds to scale up its all-electric ride-hailing fleet to 5000+ BluSmart EVs and expand its network of EV Superhubs across the Delhi NCR.
BluSmart also recently secured India’s largest EV financing of $35.7 million backed by IREDA.
Started by Anmol Singh Jaggi and Punit K Goyal in 2019, BluSmart operates across Delhi NCR, and claims to have completed 1.6 million zero-emission trips, covering 50 million kms.
The company said it is committed to decarbonise mobility in mega cities of India, and recently added long range EVs and started its all-electric intercity service for customers to travel from Delhi NCR to Jaipur and Chandigarh.
BluSmart also continues to scale its service at the Delhi IGI Airport and now has presence across all domestic and international Terminals (T1, T2 and T3).
“BluSmart has been able to scale 25x since launch backed by its founding tenets of innovative supply side differentiation (backed by institutional EV financing), customer centric business model (zero ride denials and zero surge pricing) and full stack EV ecosystem approach (fully electric ride-hailing fleet backed by large scale EV infrastructure). BluSmart is creating inclusive and equitable economic opportunities for driver partners who can drive and earn without the hassles of asset ownership,” said Anmol Jaggi, Co-founder and CEO, BluSmart.
“We continue to build the next generation EV ride-hailing service and EV charging infrastructure – making BluSmart India’s largest integrated and full-stack EV ecosystem solutions provider,” added Anmol Jaggi.