SUMMARY
- BluSmart raises ₹425 crore in Series B round to expand operations.
- The EV startup launches ride-hailing services in Mumbai after Delhi and Bengaluru.
- BluSmart records ₹390 crore revenue and 22 million rides in FY24.
In its Series B round, BluSmart Mobility, an EV ride-hailing service and EV charging superhub infrastructure operator, is investing about $50 million (₹425 crore). The startup situated in Gurugram will be raising money for the second time in the last six months.
According to its regulatory filing obtained from the Registrar of Companies, the business board adopted a special resolution in November of last year to issue 17,70,833 Series B CCPS at an issue price of ₹2,400 per in order to raise ₹425 crore, or $50 million.
With 26 individual investors, the firm has already raised ₹61 crore, and the final sum should arrive shortly. Both new and existing investors are expected to contribute to this investment round, according to the papers. It closed its $24 million pre-Series B round just six months prior to receiving the funding.
BluSmart was founded in 2019 by Anmol, Puneet Jaggi, and Punit Goyal. In contrast to Uber, Ola, and Rapido, it has a pure-play electric fleet and provides scheduled pick-ups and drops. With plans for additional citywide development, the business formally launches its all-electric ride-hailing services in Mumbai this week, including important neighborhoods like Goregaon, Bandra, and the Bandra Kurla Complex (BKC).
With more than 8,500 EVs in its fleet and 5,800 charging outlets, BluSmart has completed 22 million journeys. At the moment, Bengaluru, Delhi, and the adjacent National Capital Region (NCR) are its operating locations.
According to Goyal, BluSmart’s revenue in FY24 was ₹390 crore, up from ₹160 crore in FY23. Nevertheless, for the previous two fiscal years, it has not yet submitted audited financial accounts.
