BLU Smart Mobility Pvt. Ltd, which operates electric taxi-hailing platform, BluSmart raised $25 million in an extended Series A1 round announced on Tuesday - $15 million in equity capital and venture debt of $10 million.
With this extended round of funding, BluSmart, has closed its Series A funding at $50.7 million (around Rs 380 crore) after raising around $25 million in 2 rounds each – one in September and one announced on Tuesday.
The company will use the funding to scale up its all-electric ride-hailing fleet to over 5,000 BluSmart electric vehicles (EVs) and expand its network of EV Superhubs across the Delhi NCR.
The round was led by BP Ventures and Green Frontier Capital. It also saw participation from Stride Ventures, Alteria Capital, BlackSoil and UCIC.
In addition to equity, BluSmart also recently secured EV financing of $35.7 million backed by IREDA. It has also raised $75 million in EV asset financing backed by global development financial institutions – India’s largest to date.
“BluSmart has been able to scale 25 folds since the launch. We are creating an inclusive and equitable economic opportunity for driver-partners who can drive and earn without the hassles of asset ownership,” said co-founder and CEO, Anmol Jaggi.
The company states it is looking to decarbonize mobility in Indian megacities and recently also added long-range EVs to its list of offerings. It has also started its all-electric inter-city service for its customers to travel from Delhi NCR to Jaipur and Chandigarh. BluSmart is scaling its service at the Delhi Indira Gandhi International Airport and has a presence across all domestic and international terminals.
In September, BP Ventures invested $13 million (around 96 crores). Others participants in the round included Mayfield India Fund, 9Unicorns, Survam Partners, and other existing investors. BluSmart raised Rs 37 crore (around $5 million) and $7 million (Rs 51 crore) in a pre-Series A funding round last year.
In 2019, the company raised $3 million (around Rs 21 crore) in an angel funding round from several investors including Ka Innovations LLP, the family office of Bollywood actress, Deepika Padukone.
EV-based last-mile delivery service provider Zypp Electric raised $7 million in a Series A round co-led by 9Unicorns and Anthill Ventures. The startup works with about 200 B2B grocery and other hyperlocal delivery companies in the country like Bigbasket, Amazon, Rapido, Flipkart, Spencers, Grofers, Citymall, and Dealshare.