EV ride-hailing startup BluSmart raises $24M led by investors

Gurugram-based EV ride-hailing startup BluSmart has raised $24 million in a new equity round led by existing investors, founders, and the leadership team, although specific investor details remain undisclosed.

The current round takes BluSmart's total raise to over $133 million, with a significant $85 million Series A round conducted in multiple tranches.

Offering smart mobility services

Founded in 2019 by Anmol Jaggi, Puneet Jaggi, and Punit Goyal, BluSmart is challenging the dominance of Ola Cabs and Uber by providing integrated electric vehicle ride-hailing and charging network services, aiming to deliver safer, cleaner, and more sustainable mobility.

Focusing on expansion 

The startup, which is currently operational in Delhi-NCR and Bengaluru, plans to expand its fleet to nearly 8,000 EVs across these regions by next year. It claims to have crossed a $50 million annual revenue run-rate and is witnessing over 100% year-on-year growth.

What is the purpose of fundraising?

BluSmart said the raised funds would be used for building large-scale EV charging superhubs, which are crucial for expanding its electric ride-hailing service. The startup is also focusing on integrating energy, infrastructure, mobility, and technology to achieve large-scale decarbonization of mobility.

BluSmart's CEO, Anmol Singh Jaggi, emphasized the commitment to expanding their brand promise of "zero ride denials, on-time service, and clean mobility to more geographies."

BluSmart's in-house technology

BluSmart said it has one of the largest EV full-stack ecosystems in India and Southeast Asia, with over 5,500 EVs on Indian roads. 

The startup has developed an in-house technology that has facilitated 10 million electric trips, covering over 330 million electric kilometers, and saving nearly 24,000 metric tonnes of CO2. BluSmart also claims ownership and operation of over 4,000 EV chargers across 34 charging hubs.

Challenges in EV charging infrastructure 

Tushar Garg, CEO of BluSmart's charging business, highlighted the challenges and opportunities in EV charging infrastructure. He pointed out that the biggest bottleneck for large-scale EV adoption is the charging infrastructure, especially in cities with limited prime locations and inadequate power load.

He said BluSmart is addressing these challenges by building large EV charging superhubs at strategic locations across Delhi NCR and Bangalore.

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