BluSmart, EV-mobility firm raises $42 mn to expand EV fleet

As it prepares to compete with

Ola Cabs

The most recent investment round for BluSmart comprised $5 million in venture loans along with $37 million in equity funding. Existing investors in the company took part in it, including BP Ventures, the investment arm of the world's largest energy company BP Plc, which owns 20% of the stock. The founders and management team of BluSmart invested close to 50% of the amount. 

The money will be utilised to improve BluSmart's operations in Bengaluru and Delhi NCR, two areas where the business offers services. In FY24, the company wants to increase its fleet of 3,500 EVs to roughly 10,000. Anmol Singh Jaggi, co-founder and CEO of BluSmart said that the company 'plans to deploy additional funding to push deeper in Delhi NCR and Bengaluru, two significant regions that now account for 40% of the ride-hailing sector'. "With this deeper expansion, our goal is to better serve our existing customers by increasing the availability," the CEO stated.

The Gurugram-based company was established in 2019 and first provided airport transport in Delhi before moving on to scheduled reservations. Later, it grew to include Bengaluru.

Contrary to its rivals, BluSmart only uses electric vehicles, as evidenced by the fact that its monthly revenue increased three-fold over the previous three quarters. The company claims to have already saved over 12.6 million gallons of fossil fuel and has more than 2,300 EV charging stations spread out across Bengaluru and Delhi NCR.

“The electrification of public transportation is imminent but the path to electrification has its own challenges,” Jaggi said, adding, “BluSmart tackles these challenges through an integrated and full-stack approach consisting of – born electric tech stack, complete control over EV charging infrastructure (installation, execution and utilisation) and choosing the prime locations to build large scale EV charging infrastructure, optimally using and maintaining the EV ride-hailing fleet at scale.”

With the aid of Power Finance Corporation (PFC), BluSmart was able to add 5000 EVs to its growing fleet of 100% electric ride-hailing

cars

"While BluSmart's business purpose is to make the transition to electric vehicles in the ride-hailing industry a reality, our people's mission is to offer inclusive and fair economic possibilities for driver-partners. BluSmart co-founder and chief business officer Tushar Garg stated, "We are focusing on sustainability and profitability with a wider mission to accelerate EV adoption and reverse climate change.