BluSmart, an EV ride-hailing business based in Gurugram, recently closed a pre-Series B fundraising round for ₹200 crore, or roughly $24 million. Leading player in the renewable energy space Sumant Sinha, the MS Dhoni Family Office, and Zurich-based climate finance business responsAbility Investments AG spearheaded this sizeable investment, with help from the company’s founders and current investors. With the #RideSmartDubai campaign, BluSmart announced its expansion into the United Arab Emirates (UAE) just over a month ago. This financial infusion coincides with that announcement. The purpose of this strategic finance is to support BluSmart’s endeavors in expanding its electric car operations and creating an all-encompassing infrastructure for EV charging in key Indian cities.
Credits: NDTV profit
Scaling EV Operations
BluSmart plans to use the raised funds primarily to expand its electric vehicle operations. Founded in 2019 by Punit Goyal, Anmol Jaggi, and Puneet Singh Jaggi, the company began with a modest fleet of 70 electric vehicles. Today, BluSmart operates 7,500 EVs across Delhi NCR and Bengaluru. The company has achieved significant milestones, including over half a billion electric kilometers traveled, 16 million electric trips delivered, and nearly 40 million kilograms of CO2 emissions saved.
“BluSmart is building an integrated energy-infrastructure, mobility, and technology company to take full advantage of the EV revolution,” said Punit Goyal, co-founder of BluSmart. “Our latest fundraise of $24 million is an important step in our journey to scale the eMobility fleet and EV charging infrastructure.”
Enhancing EV Charging Infrastructure
BluSmart Charge, the company’s charging infrastructure business, maintains the largest EV charging network in India, comprising of 50 EV charging hubs distributed over 2 million square feet. The “BluSmart Charge app,” which was just released by the business, offers the general public a dependable and easy charging experience. BluSmart has grown significantly in the last year, surpassing a yearly revenue run rate of ₹550 crore ($65 million).
BluSmart will be able to expand its infrastructure for charging with the additional cash, making it possible for electric vehicles to be supported in more cities. BluSmart distinguishes itself from rivals such as Uber, Ola, Rapido, and Namma Yatri by owning its own fleet of vehicles and charging stations, as well as by hiring drivers who are compensated with a mix of fixed pay and performance-based incentives.
Creating Economic Opportunities
BluSmart has not only improved the environment but also given about 9,800 driving partners in India new job prospects. Incentives based on performance and a steady income are provided by the company’s sustainable business strategy to its drivers, guaranteeing high standards of dependability and service.
Renowned person in the sustainable energy space Sumant Sinha stated his enthusiasm about working with BluSmart. “The future of mobility is electric, and eMobility is a crucial step in making the shift to cleaner, emissions-free transportation,” he stated. “India’s expanding economy and advantageous policies provide this shift a lot of momentum. It gives me great pleasure to accompany BluSmart on their expansion path.”
Support from High-Profile Investors
Representing the MS Dhoni Family Office, cricket legend and former Indian captain Mahendra Singh Dhoni expressed his excitement for BluSmart’s mission. Dhoni said, “Investing in BluSmart’s sustainable business model is about being a part of a movement that shapes the future of mobility, not just about supporting a company.” “I am thrilled to support BluSmart’s innovative efforts in reshaping urban transportation in a world where innovation drives sustainable choices.”
Positive Environmental and Social Impact
BluSmart’s efforts to create a comprehensive electric vehicle ecosystem have been commended by Sameer Tirkar, Head of Climate Infrastructure Investments APAC at responsAbility Investments AG. “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,” he stated. “We believe in their vision and capabilities in creating positive environmental and social impact by reducing carbon emissions in urban transportation.”
Conclusion
The most recent round of funding for BluSmart is a big step in the right direction toward changing urban mobility in India. BluSmart wants to improve its charging infrastructure and scale its EV operations in order to increase the accessibility and dependability of electric mobility. BluSmart has a strong commitment to sustainability and the backing of well-known investors, making it well-positioned to spearhead India’s EV revolution.
