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December 28, 2023

BluSmart Charges Ahead: EV Ride-Hailing Startup Raises $24M in Fresh Funding

BluSmart, the Gurugram-based EV ride-hailing trailblazer, has harnessed a dazzling $24 million in fresh capital

In a power move echoing its commitment to revolutionizing electric vehicle (EV) mobility, BluSmart, the Gurugram-based EV ride-hailing startup, has successfully secured $24 million in its second consecutive funding round. The company revealed that the infusion of fresh capital, raised through a rights issue, involved key participation from existing investors, founders, and the leadership team. This strategic funding round not only reinforces BluSmart's financial strength but also witnessed increased ownership by the startup's visionary founders.

This funding milestone follows closely on the heels of BluSmart's earlier achievement in May when it raised a substantial $42 million, with $37 million as equity and the rest in debt, from its existing investor pool. Notably, during the previous funding round, almost half of the investment came from BluSmart's six founders – Anmol Singh Jaggi, Punit Goyal, Anirudh Arun, Tushar Garg, Rishab Sood, and Rahul Jain. The latest funding round, through a rights issue, propels BluSmart's ambitious plans forward while deepening its roots in the EV ride-hailing landscape.

BluSmart currently operates a fleet of 5,500 EV cabs in the Delhi-National Capital Region (NCR) and Bengaluru, with plans to elevate this number to a robust 8,000 EVs across both regions by the next year. The company's relentless pursuit of sustainability extends beyond its ride-hailing service – BluSmart owns and operates an extensive network of over 4,000 EV chargers spread across 34 hubs.

As BluSmart accelerates its journey towards a greener, more sustainable future, the latest funding round illuminates the company's steadfast commitment to shaping the electric mobility landscape. With plans to expand its EV fleet, enhance charging infrastructure, and open its charging hubs to other EV owners and fleet operators, BluSmart is not just a ride-hailing service; it's a trailblazer in fostering the evolution of eco-friendly transportation. Stay tuned as BluSmart charges ahead, setting the stage for a new era in electric mobility.

Neil Hodgson Coyle
Neil Hodgson-Coyle
Editorial chief at TechNews180
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