BluSmart’s Assure Program Hits INR 100 Cr in Book Value in Its First Year

Delhi-NCR-based EV cab-hailing startup blusmart has announced that its asset-leasing program, Assure by BluSmart, has achieved a book value exceeding INR 100 Cr within its first year of launch. 

The initiative, which allows partners to purchase electric cars and lease them to BluSmart for passenger rides, has seen a 10X growth in the financing secured by over 25 partners.

Assure by BluSmart allows partners to generate earnings from the vehicles by integrating them into BluSmart’s platform. 

The company provides partners with fixed monthly rentals, further expanding BluSmart’s EV fleet. In addition to vehicles like Tata Tigor and Citroen eC3, BluSmart has also included premium models like the MG ZS SUV in its offerings.

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Founded in 2019 by Anmol Jaggi and Punit K Goyal, BluSmart operates EV ride-hailing services across Delhi NCR and Bengaluru, claiming the largest EV fleet in South Asia with nearly 8,500 vehicles. The company has completed 21 million rides to date and boasts 5,800 charging stations across 50 hubs.

BluSmart's impressive growth is reflected in its FY24 performance, with an annual run rate of INR 500 Cr ($60 Mn) and a 102% year-over-year growth. 

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The company has delivered a 300% CAGR in business value over the last three years, competing with other startups like Lithium, eee-Taxi, and Snap-E Cabs, as well as industry giants such as ola and Uber. 

The company is backed by investors like Alteria Capital, BlackSoil, Stride Ventures, and BP Ventures.

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