BluSmart Raises $25 Million in Latest Funding to Expand its Electric Vehicles Fleet
The company also plans to expand its EV superhubs network across Delhi-NCR region
May 25, 2022
BluSmart, an electric ride-hailing platform, announced a Series A1 round closing to raise $25 million. This was a follow-up to the Series A round in September last year, bringing the Series A investment to $50.7 million.
The latest fundraising includes $15 million in equity capital and venture debt of $10 million. The equity round was led by bp ventures and Green Frontier Capital with participation from existing investors. The venture debt funding came from Stride Ventures, Alteria Capital, BlackSoil, and Unitus Capital Inclusive Credit (UCIC).
BluSmart intends to use the funds to scale up its all-electric ride-hailing fleet to over 5,000 electric vehicles (EVs) and expand its network of EV superhubs across the Delhi NCR.
BluSmart Mobility introduced an app-based all-electric ride-hailing platform in Delhi. After completing every trip, details of the ride and the carbon emissions saved are directly shared with passengers via email.
Commenting on the fundraising, Co-Founder and CEO Anmol Jaggi said, “BluSmart has been able to scale 25 times since launch backed by its founding tenets of innovative supply-side differentiation – institutional EV financing, customer-centric business model – zero ride denials and zero surge pricing and full-stack EV ecosystem approach – fully electric ride-hailing fleet backed by large scale EV infrastructure.”
In April this year, the company secured a loan of ₹2.68 billion (~$34.55 million) from the Indian Renewable Energy Development Agency (IREDA) to purchase 3,000 electric cars. The first tranche of ₹35.70 million (~$460,204) of this loan has been disbursed by IREDA.
The company started its all-electric intercity service for its customers to travel from Delhi NCR to Jaipur and Chandigarh. It has started to scale its service at the Delhi IGI Airport and now has a presence across all domestic and international terminals.
In November last year, BluSmart signed a memorandum of understanding with Tata Motors to expand its all-electric fleet across Delhi NCR. Tata was expected to supply 3,500 XPRESS T electric sedans.
The company had raised $25 million in Series A funding from multiple investors. bp ventures led the financing round by investing $13 million.
Early this year, the government of India issued a draft notification directing the Transport Department of the Government of National Capital Territory (NCT) of Delhi to increase electric vehicle adoption to curb increasing air pollution.