BluSmart Raises $42 Million To Strengthen Its Operations In Mega Cities The fund raised will be utilised to penetrate deeper into mega cities, expansion of fleet capacity to 10,000 over the next one year
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BluSmart Mobility, India's largest EV ride-hailing service and EV charging superhub infrastructure operator, has raised $42 million in the recent round in April 2023. BluSmart continues to build on its vision of decarbonising the future of transportation in India through rapid and sustainable expansion of operations over the last 18 months. The latest round included an equity round of $37 million and venture debt of $5 million which saw participation from existing energy investors with almost 50% of the round being subscribed by the BluSmart founders and leadership team. The fund raised will be utilised to penetrate deeper into mega cities, expansion of fleet capacity to 10,000 over the next one year.
"The electrification of public transportation is imminent but the path to electrification has its own challenges. 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," said Anmol Singh Jaggi, co-founder and CEO, BluSmart Mobility.
BluSmart recently secured the largest EV asset financing in India backed by Power Finance Corporation (PFC) which will add 5000 EVs to BluSmart's growing fully-electric ride-hailing fleet. The company's revenue has grown 3 times over the last three quarters. With an all-electric ride-hailing fleet size of 3,500 EVs currently operating in Delhi NCR and Bengaluru, BluSmart plans to have 10,000 EVs in FY24, claimed by the company in a statement.
"While making EV transition in ride-hailing a reality is BluSmart's business mission, our people's mission is to create inclusive and equitable economic opportunities for driver-partners. We are focused on sustainability and profitability with a larger purpose to accelerate EV adoption and reverse climate change," said Tushar Garg, co-founder and chief business officer, BluSmart Mobility.
BluSmart is leading India's path to zero emission mobility to improve the quality of lives for people, improve the quality of lives of the driver partners and continue to provide a reliable ride hailing service to customers.