BluSmart Mobility, a Gurugram-based EV Cab Service Startup, has raised $42 million in a Series A2 funding round. The funding round was split into $37 million in equity and $5 million in venture debt, and the existing investors, along with BluSmart founders and the leadership team, also participated in the round, contributing nearly 50% of the total capital. The round was led by existing investor JITO Angel Network.
BluSmart Mobility, founded in 2019 by Anmol Jaggi, Puneet Jaggi, and Punit Goyal, has created a shared, all-electric, and smart mobility platform that includes ride-sharing, car-sharing, and scooter-sharing. The platform takes on the duopoly of Ola Cabs and Uber in the ride-hailing space, and BluSmart aims to penetrate deeper into mega-cities and expand its fleet capacity with the funds raised.
The company’s monthly revenue has grown three times over the last three quarters, and it plans to use the new funding to expand its fleet size to 10,000 by FY24, up from the current strength of 3,500. BluSmart currently operates in the Delhi-NCR and Bengaluru regions and aims to touch profitability by the end of 2023.
BluSmart is backed by several investors, including BP Ventures, Survam Partners, Mayfield India Fund, 9Unicorns, Green Frontier Capital, Stride Ventures, Alteria Capital, and BlackSoil, among others. The company has raised $109 million across its seed to Series A2 rounds, including $85 million in the Series A round in multiple tranches.
According to BluSmart, it has also received EV asset leasing of $150 million (approximately INR 1,200 crore) backed by Development Financial Institutions like PFC and IREDA, among others, which will add 5,000 EVs to its electric ride-hailing fleet. However, the company did not comment on its valuation, but it is expected to join the unicorn league in the next few rounds.
BluSmart’s goal is to make transportation more sustainable and help reduce air pollution in cities. The company’s all-electric fleet produces no emissions and is powered by renewable energy sources, making it an environmentally friendly option for customers. By focusing on shared mobility, BluSmart aims to reduce the number of cars on the road, leading to less congestion, better air quality, and reduced carbon emissions.
In conclusion, BluSmart Mobility’s latest funding round of $42 million will help the company expand its services and fleet, penetrate deeper into mega-cities, and achieve profitability by the end of 2023. The company’s focus on sustainable and environmentally friendly transportation is commendable, and it is expected to continue to grow as a key player in the Indian ride-hailing space.