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HomeStart UpBluSmart raises $42mn to expand its EV operations in India 

BluSmart raises $42mn to expand its EV operations in India 

BluSmart Mobility, a leading provider of EV ride-hailing and charging, announced on Thursday that it raised $42 million in the recent round and will keep expanding on its goal of decarbonizing the country’s transportation system.

Existing energy investors participated in the latest round, which included an equity round of $37 million and a venture debt round of $5 million, with almost 50 percent of the round being subscribed by the BluSmart founders and leadership team.

BluSmart plans to have 10,000 EVs in its all-electric ride-hailing fleet by FY24, which currently consists of 3,500 EVs operating in Delhi-NCR and Bengaluru.

“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.

The monthly revenue for BluSmart has increased three times over the last three quarters, and to scale even further, this fundraising round will be used to expand the fleet’s capacity to 10,000 over the next year and further penetrate megacities.

A total of 5,000 EVs will be added to BluSmart’s growing fully-electric ride-hailing fleet due to the recent acquisition of the largest EV asset finance in India, valued at Rs 633 crore, backed by the Power Finance Corporation (PFC).

“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 total across rounds, including $85 million in equity. Additionally, it has received EV asset leasing support totaling $150 million (roughly Rs 1,200 crore) from development financial institutions like PFC and IREDA, among others.

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