BluSmart raises $24M in pre-Series B funding
The EV ride-hailing service will use the funds raised to expand its operations and build EV charging infrastructure in major Indian cities.
Indian EV ride-hailing service has raised $24 million in a pre-Series B funding round, which will power the company's expansion plans.
The fundraise saw participation from new investors responsAbility Investments, Sumant Sinha, MS Dhoni Family Office, existing investors, and BluSmart's founders.
BluSmart said it will use funds raised to expand operations and build EV charging infrastructure and assets across major Indian cities.
"BluSmart is building an integrated energy-infrastructure, mobility, and technology company to take the full advantage of the EV revolution. Our latest fundraise of $24 million is an important step in our journey to scale the eMobility fleet and EV Charging Infrastructure," said Punit Goyal, Co-founder of BluSmart.
Founded in 2019 by Goyal and Anmol Jaggi, BluSmart currently operates in Delhi NCR and Bengaluru. It made its first international launch in Dubai in June.
"Investing in BluSmart's sustainable business model is not just about supporting a company; it's about being part of a movement that shapes the future of mobility. In a world where innovation drives sustainable choices, I am excited to back BluSmart's pioneering efforts in reshaping urban transportation," said former Indian Cricket captain Mahendra Singh Dhoni, an investor in the startup.
The company added that its EV fleet has scaled to about 7,500 across operating cities from 70 EVs in January 2019. It recently crossed Rs 550 crores in annual revenue run-rate.