New Delhi: BluSmart, India’s vertically integrated EV RideHailing service and EV Charging Infrastructure network, has successfully completed its Pre-Series B funding round, securing INR 200 Crore (USD 24 million). The funding will further assist BluSmart in expanding its EV operations and building comprehensive EV charging infrastructure in major Indian cities. This new investment round saw participation from prominent new investors including responsAbility Investments AG, Sumant Sinha of the Renewable Energy sector, and the MS Dhoni Family Office, along with existing investors and the company’s founders, all of whom share the vision of decarbonising mobility at scale.BluSmart positions itself as a leader in the electrification and decarbonisation of mobility in India. From its inception with 70 EVs in January 2019, the EV fleet has expanded to 7,500 BluSmart EVs operating across Delhi NCR and Bangalore. The company has achieved a remarkable milestone of covering over half a billion electric kilometers, delivering over 16 million electric trips and saving nearly 40 million kilograms of CO2 emissions since its launch.
The customer experience has been significantly enhanced with over 4 million app downloads and achieving an overall rating of 4.9 out of 5 on both iOS and Android platforms, making it the highest-rated RideHailing service in India. Moreover, BluSmart has created equitable economic opportunities for approximately 9,800 BluSmart driver partners in the country.
Additionally, BluSmart Charge, the company’s charging infrastructure arm, operates the largest EV charging network in India, with 50 EV Charging Hubs spread across 2 million square feet. Recently, the ‘BluSmart Charge app’ was launched for public access, offering a seamless and reliable charging experience. BluSmart has shown substantial growth in the past year, crossing an INR 550 Crore Annual Revenue Run-rate (USD 65 million).
Punit Goyal, Co-Founder of BluSmart, said, “BluSmart is building an integrated energy-infrastructure, mobility, and technology company to take 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, commented, “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, shared, “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 favorable policies provide ample impetus to this transition. I am excited to partner with BluSmart in their growth journey.”
Cricket icon and former Indian Captain, Mahendra Singh Dhoni, representing the MS Dhoni Family Office, expressed his enthusiasm by saying, “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 is committed to creating a 100% emission-free future in alignment with India’s ambitions to lead the transition to cleaner transport. The company has also secured long-term sustainable EV asset financing of USD 200 million, backed by leading Development Financial Institutions (DFIs).
This significant funding will aid BluSmart in its mission to decarbonize and revolutionize urban mobility in India, ensuring a reduction in emissions while providing reliable and convenient transport solutions.
