This startup competing with Ola and Uber has just raised $25 million

BluSmart, a startup competing with Ola and Uber in EV ride-hailing space, is raising $25 million in a combination of debt and equity from Swiss-based firm ResponsAbility.

BluSmart operates Southeast Asia’s largest integrated EV ecosystem. The funding will bolster BluSmart's expansion of its EV charging infrastructure across India.

The startup claims to have 6,000 EVs, over 11 million all-electric trips and owns 4,000 EV chargers across 35 locations in Delhi NCR and Bengaluru.

It also claims to have achieved an annual revenue run rate crossing $50 million and a growth rate of over 100% year-on-year.

BluSmart is tweaking its tariff structures to improve unit economics, introducing a new pricing structure with different rates for 'rush hours' and 'relaxed hours'.

The EV ride-hailing startup has raised nearly $160 million to date, including a $24 million equity round in December 2023 and $42 million in May of the previous year.

Additionally, It has secured $200 million in long-term EV asset financing from leading Development Financial Institutions (DFIs).