The pre-Series B investment round for BluSmart, an all-electric ride-hailing service provider located in Gurgaon, was successfully concluded on Monday, with the company obtaining Rs 200 crore ($24 million).
New investors included the family office of cricket player MS Dhoni, the Zurich-based climate finance business responsAbility Investments, and Sumant Sinha, the founder and CEO of ReNew, a green energy company listed on the Nasdaq. According to a public announcement from the business, the round also included participation from BluSmart founders and current investors. The cash, according to the statement, would go toward developing EV charging infrastructure and assets as well as increasing operations.
To fully capitalize on the electric vehicle (EV) revolution, BluSmart is developing an integrated energy-infrastructure, mobility, and technology enterprise. Punit Goyal, Co-founder of BluSmart, stated, "Our most recent $24 million fundraising is a significant step in our journey to scale the eMobility fleet and EV charging infrastructure." In December 2019, Goyal, Anmol Jaggi, and Puneet Singh Jaggi established the business with the goal of offering consumers in India a fresh, environmentally friendly ride-hailing choice.
BluSmart's annual revenue run rate (ARR) has surpassed Rs 550 crore. A financial statistic called Annual Revenue Run Rate (ARR) projects a company's yearly revenue based on its present monthly or quarterly sales performance. It presently employs over 9,800 drivers and operates 7,500 EVs nationwide.
"The future of mobility is electric, and eMobility is a crucial step in making the shift to cleaner, emissions-free transportation," stated Sumant Sinha, a participant in the most recent fundraising round. This change is greatly aided by the favorable policies and expanding economy of India. It gives me great pleasure to accompany BluSmart on their expansion path.
ResponsAbility Investments AG's Sameer Tirkar, Head of Climate Infrastructure Investments APAC, stated, "We are pleased to maintain our collaboration with BluSmart through our second round of funding. BluSmart has been able to take the lead in creating a whole electric vehicle ecosystem from the bottom up in order to challenge traditional commuting methods without sacrificing convenience or dependability. We have faith in their ability to reduce carbon emissions from urban transportation while still having a good social and environmental impact.
So far, BluSmart has secured $109 million in seed and Series A funding rounds. In the cab-hailing market, the firm faces competition from Uber, Ola, and recent arrivals like Rapido and Namma Yatri. In contrast to its rivals, BluSmart hires drivers who get a combination of fixed salary and performance-based incentives. The company also owns its fleet of cars and charging stations. It recently opened up its charging infrastructure to outside users and entered the EV leasing market.
