BluSmart Secures $24 Million from Current Investors, Founders, and Leadership Squad
BluSmart Mobility, a company that uses electric cars for rides and has places where electric cars can charge, got $24 million more. People who already invested in the company, the people who started it, and the leaders of the company also put in more money in this new round of funding.
The company didn’t say who exactly gave them this new money. Still, some of the folks who have supported them before are BP Ventures, Survam Partners, Mayfield India Fund, 9Unicorns, Green Frontier Capital, Stride Ventures, Alteria Capital, and BlackSoil.
Earlier in May, they got $42 million, with half of it coming from the leaders of BluSmart. In total, they’ve gotten more than $133 million, including $85 million in an earlier funding round called Series A.
“We will continue to expand our brand promise of zero ride denials, on time service and clean mobility to more geographies. The overwhelming support for the rights issue by our investors and belief exhibited by leading Development Financial Institutions (DFIs) shows exceptional confidence in our mission” .said Anmol Singh Jaggi, co-founder and CEO of BluSmart in a statement
In 2019, BluSmart was started by Anmol Jaggi, Puneet Jaggi, and Punit Goyal. They wanted to provide a different kind of ride service compared to Ola Cabs and Uber. BluSmart uses electric cars, and they’re all about sharing rides, cars, and scooters, making it easy and smart to get around.
They’ve set up more than 4,000 places to charge electric vehicles in 34 different spots. Right now, they’re working in Delhi-NCR and Bengaluru. Their goal for next year is to have around 8,000 electric vehicles in these areas.
BluSmart made more than $50 million in a year, and they’re growing fast—more than 100% each year. They haven’t shown their results for the latest year yet, but in the year before that, their business increased a lot to about Rs 29 crore. They made money from cabs and charging stations.
But even though they’re making a lot of money, they’re also facing bigger losses. According to TheKredible, the company’s losses grew by 66% to Rs 65.4 crore in a certain period.