BluSmart Mobility Secures Funding for Expansion in Electric Ride-hailing Market

Preeti Bali / 10:19 am / May 24, 2024

BluSmart Mobility, a company leading the charge in electric vehicle (EV) ride-hailing and charging infrastructure, is poised for further expansion after securing Rs 200 crore (approximately $24 million) in a pre-Series B funding round. This funding will allow BluSmart to solidify its position in India and pursue international ventures.

Strategic Issuance to Fuel Growth

The company’s board approved the issuance of shares to raise the necessary capital. This strategic move demonstrates BluSmart’s commitment to fulfilling its general corporate needs and maintaining its position as a frontrunner in the EV mobility sector, which inherently requires significant investment.

Building on a Strong Foundation of Investment

While details regarding the specific participating investors in this round remain undisclosed, BluSmart boasts a roster of established backers. Previous funding rounds in 2023 saw participation from prominent names like BP Ventures, Survam Partners, and Mayfield India Fund, among others. This continued investor confidence underscores BluSmart’s promising trajectory.

A Track Record of Success

BluSmart has consistently demonstrated impressive growth. In the past year alone, the company has secured a total of $91 million in funding, highlighting its potential for future success. This momentum is further amplified by BluSmart’s achievement of a 7,000-strong electric vehicle fleet and the establishment of a robust network exceeding 4,400 EV chargers across 36 superhubs.

Innovation in Ride-hailing

Founded in 2019, BluSmart has carved a distinct niche in the ride-hailing market. Unlike traditional ride-hailing services that rely on an on-demand model, BluSmart provides the convenience of scheduled pick-up and drop-off options. Furthermore, BluSmart stands out by operating a fleet comprised entirely of electric vehicles, promoting a more sustainable future for transportation.

International Expansion on the Horizon

BluSmart’s vision extends beyond the Indian market. The company is set to make its mark on the global stage with an official launch scheduled for early June in Dubai. This international expansion signifies BluSmart’s commitment to becoming a leading force in the global EV ride-hailing landscape.

Financial Strength and Transparency

While BluSmart has reported a significant increase in revenue, reaching Rs 390 crore in FY24 compared to Rs 160 crore in FY23, the company has yet to file audited financial statements for the past two fiscal years. Ensuring financial transparency will be crucial for maintaining investor confidence as BluSmart continues to secure funding for its ambitious growth plans.

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