Get All Access for $5/mo

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

By Teena Jose

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Company handout

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.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.
Business News

How to Be a Billionaire By 25, According to a College Dropout Turned CEO Worth $1.6 Billion

Austin Russell became the world's youngest self-made billionaire in 2020 at age 25.


India Needs Homegrown Product Companies In Semiconductor: Cadence Design's India MD

Most multinationals retain product ownership, key value and intellectual property at their headquarters. As a result, India, despite having a vast pool of design talent, lacks significant Indian product companies in the semiconductor industry, says Jaswinder Ahuja, MD, India Cadence Design Systems.

Starting a Business

3 Things to Consider Before Your Perfect Business Partner Becomes Your Perfect Disaster

There are many reasons for start-up businesses' high failure rate, including lack of cash, not doing enough research and poor marketing. But this one reason is definitely not getting enough attention.

Growing a Business

5 Insights I Learned While Growing My Business from a Startup to a 500-person Company

Scaling a startup from 10 people to 5 hundred is thrilling, but navigating the growth can be tricky. Here are 5 hard-won insights to help you transform your startup into a structured business with a clear roadmap and the right team behind you.

Buying / Investing in Business

I'm a VC With Over 50 Startup Investments. Here Are the 4 Secrets to Securing Funding for Your Ventures.

Investor relationships are crucial in most businesses, but navigating them is no walk in the park. These insider tips from a former founder and current venture capitalist reveal how entrepreneurs can tap into the investor mindset and masterfully manage investor relations.


Taylor Swift Has a Lucky Number. And She's Not the Only High Performer Who Leans Into Superstitions to Boost Confidence.

Even megastars like Swift need a little extra something to get them in the right mindset when it is game time.