BluSmart Zooms Ahead: Electric Ride-Hailing Company Achieves Stellar Growth

Preeti Bali / 12:45 pm / May 3, 2024

BluSmart, a trailblazer in the electric vehicle (EV) ride-hailing industry, has achieved a remarkable financial milestone. The company reported an annual run rate exceeding Rs 500 crore ($60 million) for FY24, reflecting a significant leap from $30 million in the preceding fiscal year. Additionally, BluSmart’s revenue for FY24 soared to Rs 390 crore, marking a substantial 2.4-fold increase compared to FY23.

Expansion Plans and Infrastructure Development

Co-founded by Punit Goyal and Anmol Singh Jaggi, BluSmart currently operates in Delhi and Bengaluru with an impressive fleet of 7,300 electric cars. The company has set an ambitious goal of expanding its fleet to 10,000 vehicles by the end of 2024. Beyond fleet growth, BluSmart has taken the initiative to develop its own network of EV charging stations across its operational cities. This infrastructure has recently been opened to other fleet operators and external users, fostering a more robust charging ecosystem.

Optimism for a Greener Future

Anmol Singh Jaggi, Co-founder of BluSmart, expressed a positive outlook on the increasing demand for eco-friendly transportation solutions. “We’re witnessing a surge in demand for sustainable mobility options, solidifying the path towards a greener and more sustainable future,” he stated in a recent press release.

Strategic Partnerships and Innovation Fuel Growth

BluSmart strategically leverages partnerships and in-house advancements to fuel its growth. The company procures EVs from leading manufacturers such as Tata, MG, and BYD. Notably, Gensol, a company established by BluSmart’s founders, is actively setting up its own EV car manufacturing unit. This development hints at a potential internal source for future fleet expansions, and speculation suggests the possible integration of Gensol-manufactured vehicles into BluSmart’s services.

Funding Fuels Further Expansion and Innovation

In its most recent financial move, BluSmart successfully secured $25 million through a combination of debt and equity investments from ResponsAbility, a Zurich-based climate finance company. This funding is expected to act as a catalyst for the company’s expansion and innovation strategies as it continues to champion the transition towards sustainable transportation solutions.

Leading the Charge in Sustainable Urban Mobility

BluSmart’s remarkable progress and ambitious plans underscore the company’s unwavering commitment to spearheading the transformation of urban mobility in India through sustainable practices and pioneering solutions.

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