MS Dhoni Family Office, others invests Rs 200 crore in EV ride-hailing startup BluSmart

Gurugram-based EV ride-hailing startup BluSmart has raised Rs 200 crore (or approximately $24 million) in a pre-Series B funding round led by Zurich-based climate finance firm responsAbility Investments AG, Sumant Sinha of the Renewable Energy sector, and the MS Dhoni Family Office. 

Existing investors and the company's founders also participated in the round.

The funding comes more than a month after it announced its entry into the United Arab Emirates (UAE) with the campaign #RideSmartDubai.

Expanding EV operations

According to BluSmart, the raised capital will primarily be used for expanding its electric vehicle operations and developing comprehensive EV charging infrastructure in major Indian cities.

“BluSmart is building an integrated energy-infrastructure, mobility and technology company to take full advantage of the EV revolution. Our latest fundraise of $24 million is an important step in our journey to scale the eMobility fleet and EV charging infrastructure,” said Punit Goyal, co-founder of BluSmart.

Who are the founders?

BluSmart was founded in 2019 by Punit Goyal, Anmol Jaggi and Puneet Singh Jaggi with a modest fleet of 70 electric vehicles. Since then, the startup has expanded its fleet and now operates 7,500 BluSmart EVs across Delhi NCR and Bengaluru, Karnataka. 

It claims to have achieved over half a billion electric kilometres, delivered more than 16 million electric trips, and saved nearly 40 million kilograms of CO2 emissions.

Additionally, the company has created economic opportunities for around 9,800 driver partners in India.

“The future of mobility is electric, and eMobility is a crucial step in making the shift to cleaner, emissions-free transportation. India’s growing economy and favourable policies provide ample impetus to this transition. I am excited to partner with BluSmart in their growth journey," said Sumant Sinha.

BluSmart Charge presence 

BluSmart Charge, the company’s charging infrastructure arm, operates the largest EV charging network in India, comprising 50 EV charging hubs spread over 2 million square feet.

The startup recently launched the 'BluSmart Charge app,' which provides public access to a seamless and reliable charging experience. Over the past year, BluSmart has shown substantial growth, crossing an annual revenue run rate of Rs 550 crore ($65 million).

Unlike its competitors (Uber, Ola, Rapido and Namma Yatri), BluSmart owns its fleet of cars and charging stations and employs drivers who are paid a combination of fixed salaries and performance-based incentives.

What did MS Dhoni say about BluSmart?

Cricket icon and former Indian Captain Mahendra Singh Dhoni, representing the MS Dhoni Family Office, expressed his enthusiasm by saying, “Investing in BluSmart’s sustainable business model is not just about supporting a company; it's about being part of a movement that shapes the future of mobility. In a world where innovation drives sustainable choices, I am excited to back BluSmart's pioneering efforts in reshaping urban transportation."

Sameer Tirkar, Head of Climate Infrastructure Investments APAC at responsAbility Investments AG, said, “BluSmart has been able to lead the way in building from the ground up an entire EV ecosystem to disrupt the conventional modes of commute without compromising on reliability and convenience. We believe in their vision and capabilities in creating positive environmental and social impact by reducing carbon emissions in urban transportation.”