Homegrown electric vehicle (EV) ride-hailing company BluSmart Mobility Monday said it has completed a pre-Series B round raising $24 million (about Rs 201 crore) from multiple investors including Swiss impact investor responsAbility, cricketer MS Dhoni’s family office, ReNew Power’s chief executive Sumant Sinha, some existing investors and founders.
BluSmart’s latest fundraising, which comes about two months after the company announced a $42 million bridge round, will be used to support expansion plans.
The company said it has crossed $65 million in annual revenue run rate.
“BluSmart has been able to lead the way in building from the grounds up an entire EV ecosystem to disrupt the conventional modes of commute without compromising on reliability and convenience,” said Sameer Tirkar, Head of Climate Infrastructure Investments APAC at responsAbility Investments AG.
“We believe in their vision and capabilities in creating positive environmental and social impact by reducing carbon emissions in urban transportation,” Tirkar added.
The company offers a fleet of electric vehicles (EVs) that run on clean energy, promoting sustainability and reducing carbon emissions. It pits against ride-hailing giant Uber Technologies and domestic rival Ola. Currently, it manages a fleet of 7,500 BluSmart EVs across Delhi NCR and Bengaluru.
“Investing in BluSmart’s sustainable business model is not just about supporting a company; it's about being part of a movement that shapes the future of mobility,” said Dhoni. “In a world where innovation drives sustainable choices, I am excited to back BluSmart's pioneering efforts in reshaping urban transportation."
In January this year, BluSmart said that responsAbility was aiming to invest up to $25 million in the company as a part of a $500 million climate investment strategy to actively reduce carbon emissions in Asia. responsAbility is a part of UK-based investment and savings company M&G Plc.
ResponsAbility’s funding for BluSmart was to be a mix of equity and debt investment. While with the latest transaction is the equity part, the one in January was in the form of debt, the company told VCCircle.
The Gurugram-headquartered startup, founded in 2019 by Anmol Jaggi and Punit Goyal, in May raised fresh funding from its existing investors BP Ventures and Survam Partners, with participation from its own leadership team.
In December last year, BluSmart said it raised $24 million (Rs 200 crore) in a round, which saw participation with an over-subscription from existing investors, founders and the leadership team. Some of its existing backers include BP Ventures, Global Founders Capital, Inflection Point Ventures and LetsVenture.
Previously, BluSmart secured long-term and sustainable EV asset financing of over $200 million backed by development financial institutions such as Power Finance Corp and the Indian Renewable Energy Development Agency.
