eMobility startup BluSmart achieves Rs 500 crore annual run rate in FY24

BluSmart, a startup competing with Ola and Uber in the EV ride-hailing space, has doubled its Annual Run Rate (ARR) to Rs 500 crore (or around $60 million) in FY24 from $30 million in FY23. 

The growth marks a 102% increase compared to the previous fiscal year, highlighting the company's strong performance and expansion in the sustainable transportation sector.

In late January this year, BluSmart raised $25 million in funding from ResponsAbility, a Swiss-based firm. The investment was part of ResponsAbility's $500 million climate investment strategy.

Leadership comments

Anmol Singh Jaggi, Co-founder of BluSmart, emphasized the company's mission, stating, “BluSmart’s achievement of crossing Rs 500 crore ($60 Million) in Annual Run Rate marks a pivotal moment in our journey. As we surge ahead, our commitment to building a fully integrated energy-infrastructure, mobility, and technology business remains unwavering."

He said the company is witnessing a rise in demand for sustainable mobility solutions, reinforcing the growth of a greener, more sustainable future.

"Fueled by this momentum, we are poised to deepen our impact by expanding our EV fleet and charging infrastructure, catering to our ever-growing customer base," Jaggi added.

Strategic expansion and environmental impact

BluSmart's approach includes a "born electric, full-stack, vertically integrated" business model, which has been crucial in managing and operating its expansive fleet and charging infrastructure effectively.

The company currently operates the largest EV fleet in South Asia, boasting over 7,300 electric vehicles. 

Interstingly, These vehicles have collectively covered approximately 460 million clean kilometres, saving 34 million kilograms of CO2 emissions. 

Expanding EV fleet to 10K vehicles 

With the vision of "Decarbonising Mobility at Scale," BluSmart is not only expanding its operational footprint but also enhancing its technological capabilities to support this growth.

The company plans to expand its EV fleet to 10,000 vehicles by the end of 2024 and continues to invest in expanding its charging infrastructure across key metropolitan areas like Delhi NCR and Bangalore.