BluSmart Mobility, the electric vehicle (EV) ride-hailing service and charging infrastructure operator, has secured $24 million in a recent equity round. The funding, marked by over-subscription from existing investors, founders, and the leadership team, underscores the company’s commitment to reshaping the mobility landscape.
BluSmart operates an all-electric, shared, and smart mobility platform, offering ride-sharing, car-sharing, and scooter-sharing services. Boasting ownership of over 4,000 EV chargers across 34 charging hubs, the company aims to scale its fleet to approximately 8,000 EVs in Delhi-NCR and Bengaluru by the following year.
“We will continue to expand our brand promise of zero ride denials, on-time service and clean mobility to more geographies. The overwhelming support for the rights issue by our investors and belief exhibited by leading Development Financial Institutions (DFIs) shows exceptional confidence in our mission,” said Anmol Singh Jaggi, Co-founder and CEO of BluSmart.
Financial Performance and Growth
Despite its relatively recent entry into the market, BluSmart has demonstrated remarkable financial performance, crossing the $50 million annual revenue run-rate milestone.
The company reports a robust year-on-year growth of over 100 percent. In the fiscal year 2022, BluSmart’s scale surged by 222 percent, reaching INR 29 crore, with revenue streams stemming from cabs and charging facilities. However, the firm’s losses also grew by 66 percent to INR 65.4 crore during the same period.
The $24 million equity injection comes on the heels of a previous funding round where the company raised $42 million, with half of it subscribed by the leadership team. BluSmart is utilizing the funds to set up large-scale EV charging superhubs, fortifying its position in the EV ecosystem.
Future Plans and Sustainable Financing
BluSmart envisions an extensive presence in Delhi-NCR and Bengaluru, with plans to bolster its fleet and charging infrastructure. The company has secured a substantial $200 million long-term and sustainable EV asset financing, backed by leading Development Financial Institutions (DFIs) in multiple tranches.
As BluSmart Mobility accelerates its footprint in the electric mobility sector, the latest funding round signifies a pivotal moment for the company. With a growing fleet, expanding charging infrastructure, and strategic financial backing, BluSmart aims to change the way we commute further.
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