Tuesday, July 23, 2024
Startup NewsFunding News

BluSmart Mobility Charges Up with $42 Million Funding to Electrify Indian Ridesharing

BluSmart Mobility Charges Up with $42 Million Funding to Electrify Indian Ridesharing Gurugram-based EV cab service startup BluSmart Mobility has secured $42 million in a Series A2 funding round. The round, split between equity and venture debt, saw significant participation (nearly 50%) from existing investors, the company’s founders, and leadership team. JITO Angel Network led the investment.

Founded in 2019, BluSmart offers a shared mobility platform encompassing ride-hailing, car-sharing, and scooter-sharing, all powered by electric vehicles (EVs). Aiming to disrupt the dominance of Ola and Uber, BluSmart plans to utilize the fresh capital to expand its fleet and penetrate deeper into major Indian cities.

The company has witnessed impressive growth, tripling its monthly revenue over the past nine months. With the new funding, BluSmart aims to reach a fleet size of 10,000 by FY24, significantly scaling up from the current 3,500 vehicles. Operating in Delhi-NCR and Bengaluru currently, the company also targets profitability by the end of 2023.

BluSmart boasts a diverse group of investors, including BP Ventures, Mayfield India Fund, and BlackSoil, among others. This funding round brings their total raised capital to $109 million, including a prior $85 million through multiple Series A tranches. Additionally, the company secured $150 million in EV leasing backed by financial institutions, enabling them to add 5,000 EVs to their fleet.

Beyond financial success, BluSmart prioritizes environmental sustainability. Their all-electric fleet, powered by renewable energy, produces zero emissions, offering customers an eco-friendly transportation option. By promoting shared mobility, BluSmart aims to reduce the number of vehicles on the road, leading to improved air quality and reduced carbon footprint in Indian cities.

In conclusion, the $42 million funding empowers BluSmart to expand its services and fleet, increase its reach, and achieve profitability by the end of 2023. Their dedication to sustainable transportation positions them as a key player shaping the future of eco-conscious ridesharing in India.circle

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