EV Startup BluSmart Secures $42 Million Funding to Strengthen Operations
The company plans to expand its EV fleet to 10,000 by FY 24 from 3,500 now
BluSmart Mobility, an electric vehicle (EV) ride-hailing service and charging infrastructure operator, has secured $42 million in its most recent funding round held last month.
The company has witnessed 3x growth in its monthly revenue over the last three quarters, and it plans to use the latest funding to scale its operations further and penetrate deeper into mega-cities.
The funding exercise consisted of an equity round worth $37 million and a venture debt worth $5 million, with 50% of the funding subscribed by the BluSmart founders and leadership team.
BluSmart operates a fleet of 3,500 EVs for ride-hailing services in Delhi NCR and Bengaluru, with plans to increase it to 10,000 by FY24.
The startup said it is tackling the challenges of electrifying public transportation with an integrated and full-stack approach that includes a born-electric tech stack, complete control over EV charging infrastructure, and choosing prime locations to build large-scale EV charging infrastructure while optimally using and maintaining the EV ride-hailing fleet at scale.
Additionally, it plans to expand its operations sustainably to decarbonize India’s transportation industry. The company’s business mission is to make the EV transition in ride-hailing a reality, while its people’s mission is to create inclusive and equitable economic opportunities for driver-partners.
BluSmart has also secured India’s largest EV asset financing, backed by Power Finance Corporation, which will add 5,000 EVs to its growing fully electric ride-hailing fleet.
BluSmart has raised $109 million across its Seed to Series A2 rounds, including an equity raise of $85 million raised across the Series A rounds.
The platform back in May 2022 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.
In the same 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.