BluSmart Mobility raises $42 mn to boost its EV operations in India
BluSmart Mobility raises $42 mn to boost its EV operations in India
BluSmart Mobility is an Indian ride-sharing company, headquartered in Gurugram, India. It was founded by Anmol Singh Jaggi, Punit K Goyal and Puneet Singh Jaggi in 2019. As of 2022.
Leading EV ride-hailing and charging provider BluSmart Mobility on Thursday said it has raised $42 million in the recent round and will continue to build on its vision of decarbonising the future of transportation in the country.
The latest round included a $37 million equity round and a $5 million venture debt round, with participation from existing energy investors, with the BluSmart founders and leadership team subscribing to nearly half of the round.
BluSmart currently operates an all-electric ride-hailing fleet of 3,500 EVs in Delhi-NCR and Bengaluru, and plans to have 10,000 EVs in FY24.
“The electrification of public transportation is imminent but the path to electrification has its own challenges. BluSmart tackles these challenges through an integrated and full-stack approach, optimally using and maintaining the EV ride-hailing fleet at scale,” said Anmol Singh Jaggi, Co-founder and CEO, BluSmart Mobility.
BluSmart’s monthly revenue has increased threefold over the last three quarters, and this funding round will be used to expand further into megacities and increase fleet capacity to 10,000 over the next year.
BluSmart recently secured Rs 633 crore in EV asset financing from the Power Finance Corporation (PFC), which will add 5,000 EVs to BluSmart’s growing fully-electric ride-hailing fleet.
“We are focused on sustainability and profitability with a larger purpose to accelerate EV adoption and reverse climate change,” said Tushar Garg, Co-founder and Chief Business Officer, BluSmart Mobility.
BluSmart has raised $109 million in three rounds, including a $85 million equity raise. It has also received $150 million (Rs 1,200 crore) in EV asset leasing from Development Financial Institutions such as PFC and IREDA, among others.
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Content Credit: Business Insider India
