BluSmart, a Gurgaon-based all-electric ride-hailing service provider, on Monday said it has successfully completed its pre-Series B funding round, securing Rs 200 crore ($24 million).
The fundraise saw participation from new investors like Zurich-based climate finance firm responsAbility Investments, cricketer MS Dhoni’s family office, and Sumant Sinha, founder and chief executive officer of ReNew, a Nasdaq-listed green energy firm. The round also saw participation from existing investors and BluSmart founders, the company said in a public statement.
It said the funding will be used for expanding operations and building electric vehicle (EV) charging infrastructure and assets.
“BluSmart is building an integrated energy-infrastructure, mobility and technology company to take full advantage of the EV revolution. Our latest fundraise of $24 million is an important step in our journey to scale the eMobility fleet and EV charging infrastructure,” Punit Goyal, co-founder of BluSmart, said.
Goyal, along with Anmol Jaggi and Puneet Singh Jaggi, founded the company in December 2019 with the idea of bringing a new, greener ride-hailing option to the Indian market.
BluSmart has recently crossed Rs 550 crore annual revenue run rate (ARR). Annual revenue run rate (ARR) is a financial metric that estimates a company’s annual revenue based on its current monthly or quarterly revenue performance.
It currently runs 7,500 EVs across the country and employs over 9,800 drivers.
Sumant Sinha, who participated in the latest funding round, said, “The future of mobility is electric, and eMobility is a crucial step in making the shift to cleaner, emissions-free transportation. India’s growing economy and favourable policies provide ample impetus to this transition. I am excited to partner with BluSmart in their growth journey.”
The funding comes four months after the firm announced that Switzerland-based asset manager responsAbility Investments AG would invest up to $25 million (around Rs 208 crore) in the firm.
Sameer Tirkar, head of climate infrastructure investments APAC at responsAbility Investments AG, said, “We are happy to continue our partnership with BluSmart through our second round of funding. BluSmart has been able to lead the way in building from the ground up an entire EV ecosystem to disrupt the conventional modes of commute without compromising on reliability and convenience. We believe in their vision and capabilities in creating positive environmental and social impact by reducing carbon emissions in urban transportation.”
BluSmart has raised $109 million across its seed and Series A rounds to date.
The company competes with Uber and Ola, as well as new entrants like Rapido and Namma Yatri in the cab-hailing space. Unlike its competitors, BluSmart owns its fleet of cars and the charging stations and employs drivers who are paid a combination of fixed salaries and performance-based incentives. It has also recently ventured into the EV lease business and has opened its charging infrastructure for third-party usage.
First Published: Jul 15 2024 | 6:07 PM IST
