Ride-hailing startup BluSmart raising Rs 200 crore in a pre-Series B funding round, says Report

BluSmart Mobility, an electric vehicle (EV) ride-hailing service and EV charging superhub infrastructure operator, is raising Rs 200 crore (approximately $24 million) in a pre-Series B funding round.

The company has issued over 10 lakh pre-Series B preference shares at Rs 1,840 each, as per regulatory filings accessed from the Registrar of Companies.

The round includes participation from existing investors and new external investors, including a global climate and infrastructure fund and leading family offices.

Who are the investors?

BluSmart has not disclosed the names of all investors participating in the latest round.

However, the company is known to be backed by several prominent investors, including BP Ventures, Survam Partners, Mayfield India Fund, 9Unicorns (now 100Unicorns), JITO Angel Network, Green Frontier Capital, Stride Ventures, Alteria Capital, and BlackSoil.

Co-founder Punit Goyal mentioned that the round also sees participation from BluSmart founders, existing investors, and some founders of India's largest startups.

He also said that the round is expected to close by the end of next month.

How well BluSmart is performing financially?

BluSmart recorded Rs 390 crore in revenue in FY24, a significant increase from Rs 160 crore in FY23. The company has also crossed Rs 500 crore in annualized revenue run rate (ARR). 

Previously, BluSmart raised $25 million in January this year from Zurich-based climate finance firm ResponsAbility and conducted two funding rounds totalling about $66 million in 2023.

BluSmart's growth

BluSmart claims to operate more than 4,400 EV chargers across 36 EV charging superhubs and has added 7,000 electric vehicles to its fleet since its founding in 2019 by Anmol, Puneet Jaggi, and Punit Goyal.

The company offers scheduled pick-ups and drops with a pure-play electric fleet, differentiating itself from competitors like Ola, Uber, and Rapido which follow an on-demand model.

Expanding into the Middle Eastern Region

BluSmart is expanding into the Middle East and is ready for an official launch in Dubai in the first week of June.

The company is currently running a pilot in Dubai with about 100 Audi E-Tron SUVs and 130 drivers. Goyal mentioned plans to enter Abu Dhabi later this year.

BluSmart competes with Uber and Ola, as well as new entrants like Rapido and Namma Yatri, but currently operates only in Bengaluru and the National Capital Region (NCR).