EV Ride-hailing and Infrastructure Startup BluSmart Secures INR 200 crores The startup aims to expand its fleet to 8,000 EVs by next year
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BluSmart, a 2019 founded EV ride-hailing and infrastructure startup, announced it had raised $24 million (INR 200 crores) in a new equity round.
"We will continue to expand our brand promise of zero ride denials, on-time service and clean mobility to more geographies. The overwhelming support for the rights issue by our investors and belief exhibited by leading Development Financial Institutions (DFIs) shows exceptional confidence in our mission" said Anmol Singh Jaggi, Co-founder and CEO, BluSmart.
The startup was also co-founded by Punit K Goyal and Puneet Singh Jaggi. At present, it reported 4000 BluSmart EV Chargers, across 34 BluSmart EV Charging Superhubs spread across 1.3 Million Square Feet in Delhi and Bangalore. Its EV full-stack ecosystem boasts over 5,500 BluSmart EVs.
"EV Charging Infrastructure is the biggest bottleneck for large-scale EV adoption and is also the single largest opportunity. Cities have challenges with finite prime locations and lack of adequate power load. BluSmart is building large EV Charging Superhubs at prime locations across Delhi NCR & Bangalore with industry-leading utilization," shared Tushar Garg, CEO, BluSmart Charging business.
According to Tracxn, BluSmart has 89 institutional investors including names such as BP Ventures, Survam Partners, Mayfield India Fund, 9Unicorns, and Green Frontier Capital. Earlier this year, it raised USD 42 million in a Series A2 round.
BluSmart's technology stack has contributed to 10 Million Electric Trips completed and over 330 Million Electric km covered, with nearly 24,000 MT tons of CO2 being saved.
Having secured sustainable EV asset financing worth USD 200 M from Development Financial Institutions (DFIs), the startup aims to expand its fleet to 8,000 EVs by next year.