BluSmart In Talks To Raise $50 Million Funding

EV ride-hailing startup BluSmart is in discussions to raise $50 million (around Rs 425 crore) in a Series B funding round. This will be the second time the company has raised funds in the past six months. 

BluSmart's board approved a plan in november last year to issue 17,70,833 Series B CCPS at Rs 2,400 each to raise Rs 425 crore or $50 million, as shown in its regulatory filing.

Read also - Dunzo Ex-Cofounder Kabeer Biswas To Join Flipkart

So far, BluSmart has secured Rs 61 crore from 26 individual investors, with the rest of the funds expected to come in soon. The filings suggest that both existing and new investors will likely to participate in this funding round.

In July, BluSmart raised $24 million in a pre-Series B funding round. The round saw investments from MS Dhoni Family Office and other existing investors.

About BluSmart

BluSmart was founded in 2019 by Anmol and Puneet Jaggi, along with Punit Goyal. The company follows an on-demand model and stands out by offering scheduled pick-ups and drops with an all-electric fleet, unlike Ola, Uber and Rapido.

This week, BluSmart is officially expanding its electric ride-hailing services to Mumbai, covering key areas like Goregaon and Bandra, with plans to grow across the city.

BluSmart currently has over 8,500 electric vehicles, 5,800 charging stations, and has completed 22 million rides. It operates in Delhi, the surrounding National Capital Region (NCR), and Bengaluru.

Startup Funding News: Your Gateway to Every Funding Update.

Latest Startup News: Stay updated with the latest startup news and trends. Your go-to source for startup ecosystem updates.

Startup Stories: Discover inspiring tales of startups overcoming challenges and achieving success.