BluSmart bags $24M in fresh equity round

Mobility startup BluSmart has raised $24 million (Rs 200 crore) in a new equity round, which saw participation and over-subscription from existing investors, founders, and the leadership team. 

The company said the funding will be used to build large-scale EV charging superhubs, enabling the expansion of its electric ride-hailing service. It is also building an integrated energy-infrastructure-mobility and technology business to achieve large-scale decarbonisation of mobility.

“We will continue to expand our brand promise of zero ride denials, on time service, and clean mobility to more geographies. The overwhelming support for the rights issue by our investors and belief exhibited by leading Development Financial Institutions (DFIs) shows exceptional confidence in our mission,” said Anmol Singh Jaggi, Co-founder and CEO of BluSmart.

Currently, BluSmart manages one of the largest EV full-stack ecosystems in India and Southeast Asia, with a fleet of over 5,500 EVs on Indian roads. Its in-house technology stack has facilitated the completion of 10 million electric trips and coverage of over 330 million electric kilometers, resulting in the conservation of nearly 24,000 metric tonnes of CO2.

BluSmart has crossed $50 million in annual revenue run-rate and is experiencing a growth rate exceeding 100% year-over-year, according to an official statement. It aims to scale to a fleet size of nearly 8,000 EVs across Delhi NCR and Bengaluru by 2024. 

“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 lack of adequate power load. BluSmart is building large EV charging superhubs at prime locations across Delhi NCR and Bangalore with industry-leading utilisation,” said Tushar Garg, CEO of BluSmart's charging business. 

Previously, BluSmart secured $42 million in equity and debt funding in its Series A2 round from existing investors including BP Ventures, the investment arm of energy company BP, thus bringing the Series A total funding to $85 million. Nearly half of the total amount in the Series A2 round was contributed by the founding team.