BluSmart, an Electric vehicle ride-hailing platform has raised an additional $25 million in its following Series A round.
The $25 million in Series A1 round consists of equity capital of $15 million and a $10 million venture debt.
The equity funding comes from BP Ventures and Green Frontier Capital with participation from existing investors and venture debt funding led by Stride Ventures, Alteria Capital, BlackSoil, and UCIC.
The startup plans to use the funds to grow its all-electric ride-hailing fleet to 5000+ BlueSmart EVs and expand its network of EV superhubs in Delhi NCR.
Gurugram-based BluSmart was founded in 2019 by Anmol Singh Jaggi and Punit K Goyal, It is India’s first and largest integrated EV ride-hailing and charging company, and aims to provide safer, cleaner and more sustainable mobility.
“BluSmart has been able to scale 25x since launch backed by its founding tenets of innovative supply side differentiation (backed by institutional EV financing), customer centric business model (zero ride denials and zero surge pricing) and full stack EV ecosystem approach (fully electric ride-hailing fleet backed by large scale EV infrastructure). BluSmart is creating inclusive and equitable economic opportunities for driver partners who can drive and earn without the hassles of asset ownership,” said, Anmol Jaggi, Co-founder and CEO, BluSmart.
“We continue to build the next generation EV ride-hailing service and EV charging infrastructure – making BluSmart India’s largest integrated and full-stack EV ecosystem solutions provider”, he added.
The startup operates in Delhi NCR, and claims to have completed 1.6 million zero-emissions trips covering a distance of 50 million kilometers.
The startup said it is committed to reducing mobility in India’s major cities, and recently added long-distance EVs and launched its all-electric intercity service for customers traveling from Delhi NCR to Jaipur and Chandigarh.
They continue to expand their service at Delhi IGI Airport and are now present in all domestic and international terminals (T1, T2 and T3). In September 2021, BluSmart has raised $25 million in series A funding round from led by BP Ventures, with participation from Mayfield India Fund, 9Unicorns and Survam Partners, alongside other existing investors.
BluSmart is India’s first and leading all-electric ride-hailing mobility service. They are on a mission to steer urban India towards a sustainable means of transportation and to provide them efficient, affordable, intelligent, safe and reliable mobility. With sustainability being at the core of their operations, Their vision is to help transform the Indian cities by building a holistic and comprehensive electric on-demand mobility platform.