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In a funding round headed by its current backers, BluSmart, a ride-hailing service that exclusively utilises electric vehicles, raised $24 million, or Rs 200 crore.
The money will go towards building BluSmart's EV charging assets and infrastructure as well as increasing operations.
The company announced that their annualised revenue run-rate (ARR) has surpassed Rs 550 crore. It presently employs over 9,800 drivers and operates 7,500 EVs nationwide.
Over the past five years, the company has had difficulty obtaining outside funding.
Read also - UptimeAI Secures $14 Mn Funding Round from WestBridge Capital
In the cab-hailing market, the company faces competition from Uber, Ola, and recent arrivals like Rapido and Namma Yatri. In contrast to its rivals, BluSmart hires drivers who receive a combination of fixed pay and performance-based incentives, and it owns or leases its whole fleet of vehicles, including charging stations.
Sameer Tirkar, head of climate infrastructure investments APAC at ResponsAbility Investments, 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 grounds up an entire EV ecosystem to disrupt the conventional modes of commute without compromising on reliability and convenience,
About BluSmart
Founded in 2019 by Anmol Singh Jaggi, Punit K Goyal and Puneet Singh Jaggi, BluSmart is India's first and leading all-electric ride-hailing mobility service. We are here for a reason. We 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.
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