BluSmart raises $24 million in equity round to expand EV ride-hailing services

Indian EV ride-hailing and charging infra service provider BluSmart Mobility has announced a fresh round of funding worth $24 million in a fresh round of equity from existing investors and leadership. This marks the second round of funding, which was in the form of a rights issue. 

The latest funding will aid BluSmart's aim to scale up its fleet size to 8,000 EVs across Delhi NCR and Bangalore by next year, according to the company's media statement which did not disclose the name of the investors. 

The company is currently operating over 5,500 electric cabs in India and South East Asia. The company has also deployed over 4,000 EV chargers across 34 'Superhubs' in select locations. 

Founders Anmol Jaggi and Punit Goyal have contributed for over 50 percent of the total capital infusion in the latest round, thereby increasing their stake in the company. BluSmart is backed by investors such as BP Ventures, 9Unicorns, Green Frontier Capital, and Survam Partners, among others.

"It has been a landmark year for BluSmart with great achievements like the historic milestone of completion of 10 million electric trips and key industry recognitions", commented Anmol Jaggi. "We will continue to expand our brand promise of zero ride denials, on time service and clean mobility to more geographies".

The company has raised more than $133 million so far, including an extended Series A round in multiple tranches and a $42 million in a mix of equity and debt funding in May this year.

BluSmart also claims to have crossed ₹400 crore ($50 million) in annual revenue run-rate, with a y-o-y growth rate of over 100 percent. With ride-hailing electric mobility picking up in India, the company is also facing competition from Uber, which has recently started offering electric cab services in the country.