The largest electric car operator in India, BluSmart, intends to raise over $300 million in the next three years in order to add thousands of new vehicles to its fleet. The startup wants to compete with companies like Uber and Ola by growing its fleet of electric cars.
According to BluSmart Co-founder Punit Goyal, who revealed this information in an interview, the company intends to grow its fleet of electric vehicles from 7,500 to 13,000 by March 2025, according to a story in Bloomberg. In three years, it hopes to have 25,000 automobiles.
The operator of electric vehicles wishes to expand outside Delhi, particularly to Bengaluru. Then there is the growth in Dubai, where around 100 Audi EVs will be introduced the following month. By December, it wants to increase the number of EVs in the fleet in Dubai to 300 and add Tesla vehicles as well.
Goyal stated that they have no desire to enter small cities because it is not where their income is derived from. inexpensive rides and inexpensive prices, he claimed, are not their strong points.
Nevertheless, the co-founder emphasized that BluSmart would continue to focus on this market since, despite the wealth being in Dubai, the populace is in India. He claimed that since India offers so many opportunities, it is an important market. By March 2025, BluSmart expects to have doubled its yearly sales to $110 million.
The firm is now seeking $25 million, with contributions from its founders, current investors, family offices, and founders of other startups, in addition to the $200 million in equity and long-term growth loans it has already secured. The article said that this investment round, which is a portion of its $300 million, three-year strategy, will end by the end of June. Tata Motors, BYD, MG Motor, and Citroën automobiles make up the majority of BluSmart's electric car fleet in India.
