BluSmart Mobility, an EV charging and electric vehicles superhub infrastructure operator, is raising INR 200 crore (approximately $24 million) in a pre-Series B round to enter the Dubai market. According to regulatory filings, the board approved issuing 10,92,890 pre-Series B preference shares at INR 1,840 each.
The existing investors are expected to participate in this round. BluSmart mobility, a capital-intensive business, needs significant capital to meet its corporate requirements. While the company did not disclose the names of the participating investors, it is backed by BP Ventures, Survam Partners, Mayfield India Fund, 9Unicorns (now 100Unicorns), JITO Angel Network, Green Frontier Capital, Stride Ventures, Alteria Capital, and BlackSoil, among others.
BluSmart Mobility Previous Funding and Expansion
Last year, BluSmart mobility raised $42 million from existing backers, with 50 percent subscribed by its leadership team in May. This was followed by an additional $24 million in December and another $25 million in January. The company operates over 4,400 EV chargers across 36 superhubs. It has added 7,000 electric vehicles (EVs) to its fleet since its inception in 2019.
BluSmart mobility is expanding into Dubai, with a formal launch planned for early June. The Gurugram-based startup has already started a pilot in Dubai with 100 Audi E-Tron SUVs and 130 drivers. Co-founder Anmol Jaggi confirmed the Dubai service, aiming to compete with Careem, Uber, and Hala.
People familiar with the situation said BluSmart mobility plans to launch in Dubai in early 2023. When reached in late March of last year, BluSmart CBO Tushar Garg denied the development. However, in an interview with a local media source later that year, co-founder Punit Goyal stated that the firm would debut in Abu Dhabi and Dubai in November and December.
Financial Performance and Future Plans
BluSmart reported INR 390 crore in revenue for FY24, up from INR 160 crore in FY23. The startup, founded by Anmol and Puneet Jaggi and Punit Goyal, aims to challenge the duopoly of Ola Cabs and Uber with its scheduled pick-up and drop services and a fully electric fleet. Additionally, BluSmart plans to launch in Abu Dhabi later this year.
Jaggi, his brother Puneet Jaggi, and Punit Goyal created the ride-hailing business in 2019 to compete with the duopoly of Uber and SoftBank-backed Ola. Early investors include BP Ventures, Mayfield India Fund, and Green Frontier Capital. It began with an EV fleet in Gurugram and Delhi, eventually expanding to Bengaluru in 2022.
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