BluSmart Mobility is a promising EV ride-hailing service and EV charging superhub infrastructure operator who is set to raise INR 425 crore which comes to about USD 50 million in its Series B round. In the past six months, this funding round would be the second fundraise for the Gurugram-based company.
Also to note, to issue 17,70,833 Series B CCPS at an issue price of Rs 2,400 each, BluSmart's board passed a special resolution in November last year. This is to raise INR 425 crore (USD 50 million). Its regulatory filing sourced from the Registrar of Companies shows.
With the remaining amount expected to arrive soon, BluSmart has already secured INR 61 crore from 26 individual investors. Furthermore, according to the filings, existing investors and new participants are likely to contribute in this funding round.
As stated earlier, the funding came just six months after the closure of its USD 24 million pre-Series B round. As per a credible report, the company will be valued at around INR 3,050 crore which comes to about USD 363 million post-allotment.
Speaking of the company, it was founded back in 2019 by Anmol and Puneet Jaggi along with Punit Goyal. The company follows an on-demand model, wherein, it offers scheduled pick-ups and drops and has a pure-play electric fleet unlike Ola, Uber, and Rapido.
The company will also officially expand its all-electric ride-hailing services across the city of Mumbai this week, covering key areas such as Goregaon, Bandra, and the Bandra Kurla Complex (BKC). The company further has plans for driving citywide expansion, going forward.
Currently, BluSmart operates with a fleet of over 8,500 EVs, 5,800 charging stations, and has completed 22 million rides. It is operating out of Delhi at the company and has its presence in surrounding areas of the National Capital Region (NCR), and Bengaluru. As compared to Rs 160 crore in FY23, Goyal recently said that BluSmart recorded INR 390 crore in revenue in FY24. However, it has not filed audited financial statements for the past two fiscal years.
