Electric mobility startup BluSmart has raised $24 million (Rs 200 crore) in a fresh funding round, which saw participation with an over-subscription from existing investors, founders and the leadership team.
While the company did not disclose the names of the investors in this round, some of its existing backers include BP Ventures, Global Founders Capital, Inflection Point Ventures and LetsVenture.
BluSmart, a full-stack electric vehicle ride-hailing service and EV charging infrastructure network, plans to use the funds raised to build large-scale charging superhubs that will enable the expansion of its electric ride-hailing service.
“We will continue to expand our brand promise of zero ride denials, on-time service and clean mobility to more geographies” said Anmol Singh Jaggi, co-founder and chief executive officer of BluSmart.
BluSmart has recently secured long-term and sustainable EV asset financing of over $200 million (Rs 1,660 crore) backed by development financial institutions (DFIs) such as Power Finance Corp and the Indian Renewable Energy Development Agency.
It aims to scale its fleet size to nearly 8,000 EVs from 5,500 currently, across Delhi NCR and Bengaluru by next year.
Founded in 2019, Blusmart claims that the platform has completed 10 million trips so far, saving nearly 24,000 MT tons of carbon dioxide. It also claims to have crossed $50 million in annual revenue run rate (ARR) and is growing at more than 100% year-on-year.
“EV charging infrastructure is the biggest bottleneck for large-scale adoption and is also the single largest opportunity. Cities have challenges with finite prime locations and a lack of adequate power load,” said Tushar Garg, CEO of BluSmart’s charging business.
“BluSmart is building large EV charging superhubs at prime locations across Delhi NCR & Bengaluru. Having dispensed over 50 million units of electricity to date, our EV charging network has real-world experience of powering more than 330 million electric km and is playing a pivotal role in accelerating the EV adoption in India,” Garg added.
