EV Ride Hailing Platform BluSmart Raises $7 Mn In Pre-Series A Funding BluSmart will utilize the fresh funds to expand its fleet, increase charging infrastructure and expand its geographical reach
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All-electric ride hailing platform BluSmart on Monday announced that it has raised $7 million in a pre-series A round from investors such as Inflection Point Ventures, Venture Catalysts, Mumbai Angels, and others. The company is also in talks to raise venture debt.
The Delhi NCR-based startup will utilize the fresh capital to increase the number of vehicles, set up more charging infrastructure, and enhance its technology infrastructure. The company is also planning to expand its geographical reach.
The company claims to provide a safer, emission-free, no ride denials cab service in Delhi and NCR region.
The company has advocated its driver partners to open and close doors for their customers to prevent direct surface contact. In the wake of the COVID19 pandemic, the startup has also provided surface disinfectants and hand sanitizers. All the cars have a safety cockpit to separate the driver with the passenger. The company also checks the government-built Aarogya Setu status of every driver before they go online. The temperature of all the driver partners are also shared with customers through the app.
Commenting on the fresh fund, Anmol Singh Jaggi, co-founder of BluSmart Mobility, said, "We aim at bringing in a new narrative in the EV mobility space by giving the highest quality service as evidenced by our app rating, which is highest amongst all ride-sharing platforms and thus, transforming India's mega-cities by providing convenient, sustainable and affordable mobility with great benefits for consumers, businesses and society at large."
"Electric mobility is the next big thing in India. BluSmart aims to improve the status of commuting and curbing the burden on the environment caused due to transport running on fuel combustion. We are also looking at augmenting the EV uptake by expanding fast electric car charging infrastructure for an easy charging practice," added Punit K Goyal, co-founder, BluSmart Mobility.
Recently, the company has also launched BluSmart Hourly Rentals, where a customer can travel anytime, anywhere and everywhere in Delhi and Gurgaon with multiple stops.
Mitesh Shah, co-founder of Inflection Point Ventures said, "We are very excited to back BluSmart and be part of its success story. BluSmart has already become a reliable brand for Cab service in Gurgaon market with its relentless focus on customer service, advanced product and a highly motivated Driver force. IPV, with its vast Investor base of CXOs from diverse industries including EV, automotive and BFSI, will help BluSmart in growing its fleet economically as well as expand its network exponentially."
Venture Catalysts' Apoorv Ranjan Sharma said, "BluSmart is a young Indian start-up led by extremely talented founders and bears huge potential in aiding the Indian electric vehicle industry. We are optimistic that our investment will help the startup embark on its next phase of growth and change the dynamics of EV infrastructure in the country. Also, our association with BluSmart is one step ahead with government of India, that is currently looking to promote electric mobility as one of the key solutions to reduce carbon emission."