In a significant stride toward transforming the landscape of electric mobility in India, BluSmart, a Delhi-NCR-based startup, has successfully raised $24 million (INR 200 crore) in a fresh equity funding round. This substantial infusion of capital is set to fuel the expansion of BluSmart’s electric ride-hailing service and pave the way for the establishment of large-scale EV charging superhubs.
Credits: Inc42
The Funding Round
The founders, current investors, and the leadership team all enthusiastically participated in and oversubscribed BluSmart’s most recent fundraising round. This round of funding comes after the business raised an amazing $42 million in April from a prior funding round. Prominent figures in the investment world, such as LetsVenture, BP Ventures, Mumbai Angels, Alteria Capital, BlackSoil, and Stride Ventures, are among BluSmart’s backers.
BluSmart’s Journey So Far
Founded in 2019, BluSmart has been making waves in the electric mobility sector. The startup currently operates in Delhi NCR, Bengaluru, and other major Indian cities, offering electric ride-hailing services and contributing to the development of charging infrastructure. BluSmart boasts a fleet of over 5,500 electric vehicles (EVs) and aims to increase this number to 8,000 across Delhi-NCR and Bengaluru by the next year.
Achievements and Milestones
BluSmart takes pride in its accomplishments, having completed more than 10 million electric trips, covering an impressive distance of over 330 million zero-carbon kilometers. These milestones underscore the growing acceptance and adoption of electric vehicles in the Indian market.
The Vision: Large-Scale EV Charging Superhubs
The infusion of $24 million in fresh capital will be instrumental in realizing BluSmart’s vision of creating large-scale EV charging superhubs. Recognizing the pivotal role of charging infrastructure in the widespread adoption of electric vehicles, BluSmart aims to address the challenges faced by cities, including the scarcity of prime locations and insufficient power load. These charging superhubs are strategically planned for deployment across Delhi-NCR and Bengaluru.
Tushar Garg, CEO of BluSmart Charging business, emphasized the significance of EV charging infrastructure, stating, “EV Charging Infrastructure is the biggest bottleneck for large-scale EV adoption and is also the single largest opportunity.” BluSmart aims to tackle this bottleneck by establishing large EV charging superhubs at prime locations, ensuring convenient access and adequate power supply.
Industry Competition
In the competitive world of electric mobility, BluSmart faces competitors including BOLT, Ather Energy, Cell Propulsion, CHARGE+ZONE, and Chargeup. The competition draws attention to the increased funding and interest in India’s electric vehicle market. The market is changing quickly as businesses work to provide affordable, efficient, and sustainable substitutes for conventional transportation that runs on fossil fuels.
Impact on Electric Mobility
BluSmart’s latest funding round signifies a broader trend in the Indian electric mobility sector, where startups are gaining traction from investors. The sector extends beyond ride-hailing services to encompass sustainable mobility, energy infrastructure, commercial mobility, and battery management systems. These startups play a crucial role in reducing carbon emissions, offering eco-friendly alternatives, and contributing to the country’s ambitious goals for clean and sustainable transportation.
Investor Confidence and Industry Recognition
BluSmart’s concept and execution have garnered significant confidence from its founding team, current investors, and existing investors, as seen by their consistent support and oversubscription. The business has further cemented its place in the electric mobility field with industry accolades for its accomplishments, which include completing 10 million electric journeys.
Conclusion
BluSmart’s latest funding milestone marks a pivotal moment in the journey toward widespread adoption of electric mobility in India. The infusion of $24 million will empower the startup to expand its fleet, enhance charging infrastructure, and continue providing zero-carbon transportation solutions. As BluSmart continues to make strides in the electric mobility sector, its impact is not limited to transforming the way people commute but also contributes significantly to the country’s goals of sustainable and environmentally friendly transportation. The competition in the industry, coupled with the support from investors, underscores the promising future of electric mobility in India.
