EV ride-hailing firm BluSmart Mobility to raise $25 million in pre-series B funding.
BluSmart, a pioneering electric ride-hailing company in India, is on a fundraising drive to secure $25 million in a pre-series B funding round.
BluSmart, an electric ride-hailing company, aims to secure $25 million in a pre-series B funding round from both new and existing investors to enhance its fleet size and venture into fresh markets.
This funding initiative follows an announcement made four months ago, wherein the company revealed that responsAbility Investments AG, a Switzerland-based asset manager, would invest up to $25 million (approximately Rs 208 crore).
In December 2023, BluSmart successfully raised $24 million in an equity round, alongside acquiring long-term and sustainable EV asset funds totaling $200 million, supported by prominent development financial institutions.
As part of the latest fundraising effort, BluSmart has released over 1 million pre-series B preference shares at an issue price of Rs 1,830 each, as indicated by regulatory filings with the Registrar of Companies.
Established in December 2019 by Anmol Jaggi, Punit K Goyal, and Puneet Singh Jaggi, BluSmart was conceived with the aim of introducing an eco-friendly ride-hailing alternative to the vast Indian market.
Having garnered $109 million through its seed and Series A rounds thus far, BluSmart asserts an annual revenue run rate surpassing $50 million and is experiencing triple-digit year-on-year growth. It boasts an ecosystem comprising over 4,000 EV chargers spread across 35 charging locations in Delhi-NCR and Bangalore, in addition to a fleet of approximately 6,000 EVs dedicated to its ride-hailing operations.
With aspirations for expansion, BluSmart recently announced intentions to elevate its existing fleet to 10,000 electric cars by year-end, alongside venturing into new international territories such as the UAE, as detailed in a media statement released last month.
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