BluSmart Secures USD 24 Mn in Pre-Series B Round to Expand EV Operations The latest funding round will support BluSmart in expanding its operations and building real EV charging infrastructure and assets in the megacities of India.

By Entrepreneur Staff

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

BluSmart’s Co-founder Punit Goyal with Mahendra Singh Dhoni

BluSmart, India's EV ride-hailing service and charging network, has announced the raising of USD 24 million (INR 200 crore) in a Pre-Series B funding round. New investors include responsAbility Investments AG (impact asset manager), Sumant Sinha (global leader in the renewable energy sector), MS Dhoni Family Office (cricketer and former Indian captain), along with existing investors and BluSmart founders.

According to the official release, the funds will support BluSmart's expansion in major Indian cities, enhancing its EV charging infrastructure.

Punit Goyal, Co-founder of BluSmart, said, "BluSmart is building an integrated energy-infrastructure, mobility, and technology company to take full advantage of the EV revolution. Our latest fundraise of USD 24 million is an important step in our journey to scale the eMobility fleet and EV charging infrastructure."

Founded in 2019 by Anmol and Puneet Jaggi along with Punit Goyal, BluSmart operates in Delhi NCR, Bengaluru, and made its first international foray with the launch in Dubai in June 2024.

It aims to "Decarbonize Mobility at Scale" by integrating energy, infrastructure, mobility, and technology.

Sumant Sinha, founder of India's decarbonisation solutions company and a global leader in the renewable energy sector, commented, "The future of mobility is electric, and eMobility is a crucial step in making the shift to cleaner, emissions-free transportation. India's growing economy and favourable policies provide ample impetus for this transition. I am excited to partner with BluSmart in their growth journey."

According to the company, BluSmart's fleet has grown from 70 EVs in 2019 to 7,500 EVs, achieving over 500 million electric kilometres and saving nearly 40 million kg of CO2 emissions.

The company claims that it has also provided significant economic opportunities for around 9,800 driver partners and operates India's largest EV charging infrastructure with 50 hubs. Recently, BluSmart launched the 'BluSmart Charge' app for public use, further promoting EV adoption. The company has also crossed a USD 65 million annual revenue run-rate.

It has secured long-term and sustainable EV asset financing of USD 200 million, backed by leading development financial institutions (DFIs).

Cricketer and former Indian captain, Mahendra Singh Dhoni (MS Dhoni Family Office), said, "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."

Entrepreneur Staff

Entrepreneur Staff

Editor

For more than 30 years, Entrepreneur has set the course for success for millions of entrepreneurs and small business owners. We'll teach you the secrets of the winners and give you exactly what you need to lay the groundwork for success.
Business Ideas

70 Small Business Ideas to Start in 2025

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2025.

News and Trends

Bain Capital Acquires Joint Control in Manappuram Finance with INR 4,385 Cr Investment

As part of the deal, Bain Capital will acquire an 18.0% stake in Manappuram Finance on a fully diluted basis through a preferential allotment of equity and warrants at INR 236 per share—a 30% premium over the six-month average trading price.

News and Trends

Accenture Narrows FY25 Guidance to 5-7%, Signals Uncertainty to Continue

Accenture's Q2 revenue declined nearly 6 per cent sequentially to USD 16.7 billion. The operating margin for the quarter stood at 13.5 per cent down from 16.7 per cent reported in the previous quarter.

Business News

Morgan Stanley Plans to Lay Off 2,000 Workers, Replacing Some with AI

Morgan Stanley's planned job cuts are both performance and AI-based.

News and Trends

My Pahadi Dukan and Iyaso Secure Early-Stage Funding

The following Indian startups have announced their latest funding rounds.