Update:15 July 2024
BlueSmart has secured Rs 200 crore in a pre-series B funding round led by responsAbility Investments AG, Sumant Sinha, and MS Dhoni Family Office along with the founders and existing investors.
The funds raised in this round will be utilized in operations expansion and the construction of EV charging infrastructure in megacities. The EV company’s charging infrastructure has 50 hubs spread across 2 million sq. ft., the largest in India. Additionally, the latest for the firm is the launch of its “BlueSmart Charge” app.
Sameer Tirkar- Head of Climate Infrastructure Investments APAC at responsAbilty Investments AG, Sinha, and Dhoni commented on BlueSmart’s sustainable business model, its contribution to delivering social impact reducing carbon emissions, and revolutionizing urban transportation in India while sharing their excitement over the partnership.
May 23 2024
Delhi-NCR-based EV cab-hailing startup BluSmart is set to raise approximately INR 200 crore in a pre-Series B funding round, according to regulatory filings.
This round, expected to close in June, will feature participation from both new and existing investors. The capital infusion is aimed at supporting the business’s growth, given its capital-intensive nature.
BluSmart co-founder Punit K Goyal confirmed the development to Inc42, stating, “BluSmart is raising $25 million or INR 200 crore in an equity preference round. This is a pre-Series B round.” This new funding round follows closely after BluSmart secured $25 million from Switzerland-based impact investor responsibility in a mezzanine structure, which included partial equity dilution and debt.
In December last year, BluSmart raised $24 million on a rights issue basis, with significant participation and over-subscription from its existing investors, founders, and leadership team. Earlier, in May 2023, the startup raised $42 million in a bridge round led by existing investors BP Ventures and Survam Ventures, which also saw participation from the startup’s leadership team.
Over the years, BluSmart has attracted investment from BP Ventures, Survam Partners, Mayfield India Fund, 9 Unicorns, JITO Angel Network, Green Frontier Capital, Stride Ventures, Alteria Capital, and BlackSoil, among others. To date, the startup has secured around $200 million in growth capital, comprising $122 million in equity and $78 million in debt.
Founded in 2019 by Anmol Jaggi and Punit K Goyal, BluSmart provides EV ride-hailing services and charging infrastructure across Delhi NCR and Bengaluru. The company currently operates over 7,300 EVs and aims to expand its fleet to 10,000 vehicles by the end of the year. BluSmart claims to have completed more than 10 million rides, covering over 330 million zero-carbon kilometers.
In the competitive landscape, BluSmart stands against industry giants such as Uber, Ola, Rapido, InDrive, and Shoffr. The company reported revenues exceeding INR 390 crore for the financial year ending March 31, 2024, a substantial increase from INR 160 crore in FY23. BluSmart also claims to have achieved an annualized revenue run rate (ARR) of $60 million (INR 500 crore) in April 2024, up from $29 million in the same month.
However, these FY24 figures are yet to be verified, as the startup has not filed its audited financial statements.
This latest funding round marks a significant milestone for BluSmart, as it continues to scale its operations and solidify its position in the rapidly evolving EV ride-hailing market.
Source: INC42
