BluSmart raises $42 million to scale EV fleet, megacity operations

BluSmart Mobility, India’s largest EV ride-hailing service and EV charging infrastructure operator, announced that it raised $42 million in the recent funding round in April 2023. It secured $37 million in equity and $5 million in venture debt. The funding round saw participation from existing energy investors, with almost 50% subscription by the BluSmart founders and leadership team.

BluSmart operates an all-electric ride-hailing fleet of 3,500 EVs in Delhi NCR and Bengaluru. Its monthly revenue has grown threefold over the last three quarters. It plans to reach a fleet capacity of 10,000 EVs in FY 2024.

BluSmart said the funds raised will be used to penetrate deeper into mega cities and expand EV fleet capacity to 10,000 over the next one year.

Commenting on the fundraise, Anmol Singh Jaggi, co-founder and CEO of BluSmart Mobility, said, “The electrification of public transportation is imminent, but the path to electrification has its own challenges. BluSmart tackles these challenges through an integrated and full-stack approach consisting of a born electric tech stack, complete control over EV charging infrastructure (installation, execution, and utilization), and choosing the prime locations to build large-scale EV charging infrastructure, optimally using and maintaining the EV ride-hailing fleet at scale.”

BluSmart recently secured India’s largest EV asset financing, backed by Power Finance Corp. (PFC), which will add 5,000 EVs to BluSmart’s growing fully-electric ride-hailing fleet.

BluSmart has raised $109 million across its Seed to Series A2 rounds. This includes an equity raise of $85 million across the Series A rounds. It has also received EV asset leasing of $150 million backed by development financial institutions like PFC and IREDA, among others.