Get All Access for $5/mo

EV Ride-hailing Startup BluSmart to Raise $25 Million in Pre-Series B Round It is also looking to enter the Dubai market and will be ready for an official launch in the first week of June

By Paromita Gupta

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

BluSmart

EV ride-hailing service and EV charging superhub infrastructure operator, BluSmart Mobility, is looking to raise USD 25 million in a Pre-Series B round, at a valuation of USD 250 million.

The startup's regulatory filing shows the board has passed a special resolution to issue 10,92,890 pre-series B preference shares at an issue price of INR 1,840 each.

The 2019-founded EV startup competes with Ola; Uber; Rapido; and Namma Yatri; and operates only in two cities: Bengaluru and the National Capital Region.

Its existing investors such as BP Ventures, Survam Partners, Mayfield India Fund, 9Unicorns (now 100Unicorns), JITO Angel Network, Green Frontier Capital, Stride Ventures, Alteria Capital, and BlackSoil are most likely to participate in the round. This funding development comes months after the Switzerland-based responsAbility invested USD 25 million in the Punit K Goyal-Puneet Singh Jaggi venture.

In March, BluSmart touched a milestone of 7,000 EVs on the BluSmart fleet, becoming South Asia's largest all-electric ride-hailing platform. And in April, it crossed the Annual Run Rate (ARR) of INR 500 crore, achieving 102 per cent growth over the previous year. Goyal said in the media that the company had crossed INR 390 crore in revenue for FY24, as compared to INR 160 crore in FY23.

Notably, BluSmart is on an expansion spree. Last month, the firm announced it had plans to ramp up its existing fleet count to 10,000 electric cars by 2024-end. It is also looking to enter the Dubai market and will be ready for an official launch in the first week of June.

Paromita Gupta

Entrepreneur Staff

Features Writer with Entrepreneur India

Covering news and trends in AI and Metaverse segments. An avid book reader running her personal blog on the side. You may reach me at paromita@entrepreneurindia.com. 
Business News

Former Steve Jobs Intern Says This Is How He Would Have Approached AI

The former intern is now the CEO of AI and data company DataStax.

Science & Technology

5 Automation Strategies Every Small Business Should Follow

It's time we make IT automation work for us: streamline processes, boost efficiency and drive growth with the right tools and strategy.

Leadership

Visionaries or Vague Promises? Why Companies Fail Without Leaders Who See Beyond the Bottom Line

Visionary leaders turn bold ideas into lasting impact by building resilience, clarity and future-ready teams.

Side Hustle

'Hustling Every Day': These Friends Started a Side Hustle With $2,500 Each — It 'Snowballed' to Over $500,000 and Became a Multimillion-Dollar Brand

Paris Emily Nicholson and Saskia Teje Jenkins had a 2020 brainstorm session that led to a lucrative business.

Marketing

5 Critical Mistakes to Avoid When Giving a Presentation

Are you tired of enduring dull presentations? Over the years, I have compiled a list of common presentation mistakes and how to avoid them. Here are my top five tips.

Green Entrepreneur®

How Global Business Leaders Can Build a Sustainable Supply Chain

Businesses can build sustainable supply chains by leveraging technology to reduce environmental impact, optimize resources and track emissions while balancing operational efficiency and sustainability goals.