EV ride-hailing BluSmart to raise $50 million funding at $335 million valuation: Report

Electric ride-hailing startup BluSmart is set to raise $50 million in a new funding round, bringing its pre-money valuation to $335 million.

According to the Inc42 report, the Gurugram-based firm has already secured half of the targeted amount, with the remaining funds expected to arrive in the coming weeks.

The round involves a mix of existing investors, promoters, high-net-worth individuals, and a couple of venture capital funds. BluSmart aims to close the round by next month, marking its second major fundraise in six months following a $24 million pre-Series B round earlier.

Ramping up operations and revenue 

Founded in 2019 by Anmol and Puneet Jaggi along with Punit Goyal, BluSmart reported an annual revenue run rate of $95 million for the financial year 2025.

Co-founder Goyal also stated that the company recorded Rs 390 crore in revenue in fiscal year 2024 compared with Rs 160 crore the previous year, though audited financial statements for the past two fiscals are yet to be filed. BluSmart says it follows an on-demand, all-electric model that offers scheduled pick-ups and drops, setting it apart from traditional ride-hailing services such as Ola and Uber.  

Focusing on new cities and markets

BluSmart officially launched its all-electric ride-hailing service in Mumbai this week, focusing initially on areas like Goregaon, Bandra, and the Bandra Kurla Complex.

The company, which operates in Delhi, the surrounding National Capital Region (NCR), Bengaluru, and the UAE, plans to widen its coverage across the Mumbai metropolitan area soon. Earlier, in June 2024, BluSmart expanded internationally with a premium all-electric limousine service in the UAE.

Growing fleet and infrastructure  

Currently, BluSmart has a fleet of more than 8,500 electric vehicles and operates 5,800 charging stations spread across 50 hubs in Delhi NCR and Bengaluru. Covering over two million square feet, these hubs serve more than 10,000 active driver partners. The company says it has completed around 21-22 million rides so far, logging hundreds of millions of emission-free kilometers.