BluSmart raises USD 24M (INR 200 Crores) in Pre-Series B funding round • EVreporter

BluSmart, an EV ride-hailing service and EV charging infrastructure network in India and South Asia, announced the completion of a Pre-Series B funding round, securing USD 24 million (INR 200 Crores). New investors included responsAbility Investments AG, Sumant Sinha, MS Dhoni Family Office, existing investors, and BluSmart founders. The funding will support BluSmart’s expansion and development of EV charging infrastructure in major Indian cities.

As per the company statement, BluSmart has grown its EV fleet from 70 EVs in January 2019 to 7,500 EVs in Delhi NCR and Bangalore. The company has completed over 500 million electric kilometers and 16 million electric trips, reducing CO2 emissions by approximately 40 million kilograms. BluSmart has over 4 million app downloads with a 4.9/5 rating on iOS and Android. It has created economic opportunities for around 9,800 driver partners. BluSmart Charge operates 50 EV charging hubs across 2 million sq. ft. The ‘BluSmart Charge app’, launched for public access, aims to offer a reliable charging experience. BluSmart’s revenue run rate has recently crossed INR 550 Crores (USD 65 million).

Punit Goyal, Co-Founder, BluSmart, said, “BluSmart is building an integrated energy-infrastructure, mobility and technology company to take the full advantage of the EV revolution. Our latest fundraise of USD 24 million is an important step in our journey to scale the eMobility fleet and EV Charging Infrastructure.”

Sameer Tirkar, Head of Climate Infrastructure Investments APAC at responsAbility Investments AG, said, “We are happy to continue our partnership with BluSmart through our second round of funding. BluSmart has been able to lead the way in building from the grounds up an entire EV ecosystem to disrupt the conventional modes of commute without compromising on reliability and convenience. We believe in their vision and capabilities in creating positive environmental and social impact by reducing carbon emissions in urban transportation.”

Sumant Sinha, founder of India’s leading decarbonisation solutions company, and an iconic global leader in the Renewable Energy sector, commented, “The future of mobility is electric, and eMobility is a crucial step in making the shift to cleaner, emissions-free transportation. India’s growing economy and favourable policies provide ample impetus to this transition. I am excited to partner with BluSmart in their growth journey.”

Expressing excitement about investing in BluSmart, Cricket icon and former Indian Captain, Mahendra Singh Dhoni (MS Dhoni Family Office), said, “Investing in BluSmart’s sustainable business model is not just about supporting a company; it’s about being part of a movement that shapes the future of mobility. In a world where innovation drives sustainable choices, I am excited to back BluSmart’s pioneering efforts in reshaping urban transportation.”

BluSmart aims for a 100% emission-free future, aligning with India’s goals for cleaner transport. It has secured USD 200 million in EV asset financing from Development Financial Institutions (DFIs).

Also read: BluSmart to source green power for its EV charging operations