BluSmart, the electric full-stack ride-hailing service and operator of EV Superhubs, announced it has closed a Series A1 round raising $25 million. This is a follow-up to the series A round that closed in September 2021, bringing the total of its Series A investment to a significant $50.7 million.
The equity round was led by BP Ventures and Green Frontier Capital with participation from existing investors. The venture debt funding comes from Stride Ventures, Alteria Capital, BlackSoil and UCIC.
Founded in 2019 by Anmol Singh Jaggi and Punit K Goyal, BluSmart offers electric mobility services. In June 2020, it added EV car subscriptions to its offerings. Then, it associated with Mahindra Electric to onboard 70 Mahindra eVerito premium sedans to its fleet.
The company states it is looking to decarbonize mobility in Indian megacities and recently also added long-range EVs to its list of offerings. It has also started its all-electric inter-city service for its customers to travel from Delhi NCR to Jaipur and Chandigarh. BluSmart is scaling its service at the Delhi Indira Gandhi International Airport and has a presence across all domestic and international terminals.
BluSmart is one of the few mobility companies in India that use electric cars in the ride-hailing business. The company operates primarily in the Delhi-NCR and plans to use the funds to increase the number of electric cars in its fleet by over three times to more than 5,000. The company will also add to the charging network in Delhi-NCR and invest in marketing.
Anmol Jaggi, co-founder and CEO, BluSmart said, “BluSmart has been able to scale 25x since launch backed by its founding tenets of innovative supply side differentiation (backed by institutional EV financing), customer centric business model (zero ride denials and zero surge pricing) and full stack EV ecosystem approach (fully electric ride-hailing fleet backed by large scale EV infrastructure). BluSmart is creating inclusive and equitable economic opportunities for driver partners who can drive and earn without the hassles of asset ownership.”