BluSmart in talks to raise $50M in Series B funding
The fundraise comes amid the EV ride-hailing service’s entry into Mumbai, adding to its presence in Bengaluru, Delhi-NCR, and Dubai.
EV ride-hailing startup BluSmart is in talks to raise $50 million in a Series B funding round, a source aware of the matter told YourStory.
Inc42 was the first to report on this matter.
The source told YourStory that the latest funding values the company at a pre-money valuation of “around $335 million.”
BluSmart has already received commitments for half of the funding amount and expects to close the round next month.
The round will see participation from high net-worth individuals (HNIs), family offices, and a couple of venture capital firms, the source added.
BluSmart declined to comment on YourStory’s queries.
Founded in 2019, by Anmol Jaggi and Punit K Goyal, the company, unlike its competitors US-based Uber and Bhavish Aggarwal-led Ola, has focused on providing premium services to its customers, focusing on expanding its all-electric fleet of vehicles.
On January 7th, the company expanded its services to Mumbai starting with Rentals and Airport rides, covering areas like Goregaon to Bandra.
BluSmart currently has over 8,500 EVs in its fleet.
The company last raised $24 million in a pre-Series B funding round in July, last year to power its expansion plans. The round saw participation from MS Dhoni Family Office and existing investors, among others.
Most recently, the company’s asset leasing initiative, Assure by BluSmart, surpassed Rs 100 crore in book value. The initiative allows partners to purchase electric cars and lease these cars to BluSmart.
Additionally, the company in November 2024, reported a 77% year-over-year increase in its gross merchandise value (GMV) to Rs 275 crore in the first half of FY25 compared to Rs 155 crore in the year-ago period.
Edited by Affirunisa Kankudti