A Detailed Business Growth Analysis of Blusmart
BluSmart is India’s first and leading all-electric ride-hailing mobility service, founded in 2019 with a mission to transform urban transportation in India.
Vision and Mission: BluSmart aims to steer urban India towards sustainable transportation. They are committed to providing efficient, affordable, intelligent, safe, and reliable mobility solutions.
Services and Products: BluSmart offers a ride-sharing platform with a fleet of electric vehicles (EVs) like the Mahindra e-Verito, Tata e-Tigor, Tata Xpres-T EV, Hyundai Kona Electric, and MG ZS Electric. They provide features such as zero ride denials, zero surge pricing, and a commitment to zero emissions, making them a customer-centric service.
Achievements: BluSmart has made significant strides in the EV market, particularly in Delhi NCR and Bangalore, by creating the largest all-electric fleet and fast charging station network. They have also saved over 29.5k+ tonnes of carbon dioxide through their services.
The funding they have Raised so far
| Announced Date | Transaction Name | Number of Investor | Transaction date |
| 29 jan 2024 | Dept. Financing: Blusmart | TBD | $ 25.00 Mn |
| 21 Dec 2023 | Series A: Blusmart | 7 | $ 24.00 Mn |
| 29 April 2023 | Dept. Financing: Blusmart | 1 | $ 42.00 Mn |
| 24 May 2022 | Series A: Blusmart | 9 | $ 25.00 Mn |
| 24 March 2022 | Dept. Financing: Blusmart | 4 | Undisclossed |
| 30 September 2021 | Series A: Blusmart | 5 | $ 24.91 Mn |
| 07 September 2020 | Seed-Blusmart | 10 | $ 7.00 Mn |
| 03 July 2020 | Seed-Blusmart | 3 | $ 4.95 Mn |
| 24 September 2019 | Angel Round: Blusmart | 10 | $ 3.00 Mn |
| 17 Aug 2019 | Seed-Blusmart | 6 | $ 2.11 Mn |
Impact and Reach:
BluSmart has made a significant impact and expanded its reach in the urban mobility sector, especially in electric vehicle (EV) ride-hailing services. Here are some key highlights of BluSmart’s impact and reach:
Impact:
✅️ BluSmart has completed over 11 million all-electric trips, covering 360 million all-electric kilometers.
✅️ The company has saved approximately 26,000 metric tons of CO2 since its inception, contributing to a reduction in urban pollution and promoting cleaner air.
✅️ BluSmart’s service is highly rated by users, with over 3,000,000 app downloads and a service rating of 4.9/5.
Reach:
✅️ BluSmart is recognized as India’s first and largest zero-emission ride-hailing service and platform.
✅️ The company has become the most preferred ride-hailing service in the Delhi NCR region.
✅️ BluSmart’s fleet includes a variety of electric vehicles such as the Mahindra e-Verito, Tata e-Tigor, Tata Xpres-T EV, Hyundai Kona Electric, and MG ZS Electric, which are part of their commitment to offering sustainable mobility solutions.
BluSmart’s efforts in transforming urban transportation through electric mobility have positioned them as a leader in the EV ride-hailing market in India.
Presence and Expansion Plan:
BluSmart has been expanding its presence across various cities in India. As of the latest information available, here are some key points about BluSmart’s presence:
✅️ Current Operations: BluSmart is operational in the Delhi NCR region, which includes Delhi, Indira Gandhi International Airport, and Gurgaon. They have also established their services in Bengaluru.
✅️ Expansion Plans: The company has plans to expand its EV fleet to six cities in India. Over the next 12-18 months, BluSmart aims to add 40,000–50,000 more EVs as it enters new regions like Kolkata, Hyderabad, and Chennai and deepens its presence in existing cities like Mumbai and Bengaluru.
BluSmart’s growth strategy includes strengthening its fleet, opening new super EV charging hubs at strategic locations, and expanding its geographic service areas.
Growth Metrics:
✅️ BluSmart has completed 10 million emission-free rides as of November 2023, marking a significant milestone in India’s electric transportation sector.
✅️ The company has reported a 100% year-on-year growth, showcasing its rapid expansion.
✅️ BluSmart crossed a $50 million annual revenue run-rate and is growing at more than 100% YOY.
Growth Drivers:
✅️ The increasing awareness and adoption of electric vehicles (EVs) due to high fuel prices and global warming concerns.
✅️ BluSmart’s unique business model, which includes leasing EVs and managing a fleet with salaried drivers, differentiates it from competitors.
✅️ The company’s focus is on customer-centric services like zero ride denials, zero surge pricing, and high-quality service.
Growth Challenges:
✅️ The capital-intensive nature of the business, requires substantial investment in EVs and charging infrastructure.
✅️ The small fleet size currently limits the availability and frequency of rides.
✅️ Regulatory challenges and the need to address scepticism about electric vehicles.
Growth Opportunities:
✅️ The ride-hailing market size in India is expected to grow from $20 billion to $90 billion by 2030, providing a significant opportunity for expansion.
✅️ BluSmart plans to scale its fleet to nearly 8,000 EVs across Delhi NCR and Bengaluru by 2024.
✅️ The company aims to commercialize its charging infrastructure, opening it up to other EV owners and fleet operators.
Conclusion
BluSmart is at the forefront of the electric ride-hailing market in India, with impressive growth metrics and a clear vision for expansion. While there are challenges to overcome, particularly in terms of capital requirements and fleet size, the opportunities in the rapidly growing EV market are vast. BluSmart’s commitment to sustainable transportation and customer satisfaction positions it well to capitalize on these opportunities and continue its trajectory of rapid growth.
