EV-ride hailing platform BluSmart, which was recently backed by Swiss investor responAbility, reported a 77% jump year-on-year in gross merchandise value (GMV) for the first half of fiscal year 2025, owing to strong customer growth in the mobility company's premium services.
BluSmart Mobility, which also hosts a network of charging infrastructure, said that its GMV - total value of sales before deducting expenses - jumped to Rs 275 crore in the first half of FY25 ending September 2024 from Rs 155 crore in the same period previous year.
"This growth complements BluSmart’s fleet and charging network expansion, showcasing the accelerating demand for sustainable mobility solutions in India," the Gurugram-headquartered company said in a statement.
BluSmart said its GMV in the last two years has jumped from Rs 4 crore in October 2022 to over Rs 55 crore in October this year.
It estimates that in the festive season - October to December - is driving the company's performance, with 50% increase in total rides and a 60% rise in unique riders during this period.
"The festive surge in rentals, airport transfers, and daily ridership underscores BluSmart’s role in enhancing travel ease, especially during peak seasons," said Punit Goyal, co-founder of BluSmart.
In July, the homegrown EV-ride sharing company said it had raised $24 million in a pre-Series B round from multiple investors, including Swiss investor responAbility and cricketer MS Dhoni. At the time, the company reported that it had crossed $65 million in annual revenue run rate.
It had announced closure of extended Series A round at $50.7 million (around Rs 380 crore).
The company was founded in 2019 by Anmol Jaggi and Punit Goyal and provides electric vehicles for ride sharing, with operations in Delhi-NCR, Bengaluru, and premium all-electric limousine services in Dubai.