BluSmart, a leader in the electric vehicle ecosystem and EV charging superhub infrastructure operator transforming sustainable urban mobility, is raising $50 million in its Series B round. This will be the second fundraiser for the Gurugram-based company in the past six months, reinforcing its pivotal role in the global EV transition.
BluSmart’s board authorized a special resolution in November last year to issue 17,70,833 Series B CCPS at an issue price of Rs 2,400 each, raising Rs 425 crore, or $50 million, according to a regulatory filing obtained from the Registrar of Companies.
BluSmart has already raised INR 61 crore from 26 individual investors, with the remaining funds likely to arrive soon. According to the papers, this investment round would most likely include contributions from existing and new investors. The funding came six months after the company closed its $24 million pre-Series B round. Post funding, the firm will be valued at around INR 3,050 crore (approximately $363 million) after the offer.
The funding round saw participation from various investors, including venture capital funds, high-net-worth individuals (HNIs), existing backers, and company promoters. This diverse investor profile underscores the confidence in BluSmart’s ability to revolutionize sustainable urban mobility with its robust electric vehicle ecosystem and expansive EV charging infrastructure. Having already raised half the targeted amount, the company is optimistic about closing the round by next month.
BluSmart Pioneering Growth in the EV Industry
BluSmart’s trajectory showcases the potential of sustainable urban mobility and the electric vehicle ecosystem to disrupt traditional models. Reporting a robust annual revenue of $95 million (INR 815 crore) in FY25, the company has recently expanded to Mumbai, marking a significant milestone. With an invite-only system, BluSmart plans to make its services widely accessible, targeting key urban areas such as Bandra, Goregaon, and the Bandra Kurla Complex (BKC).
While BluSmart has established itself in Delhi-NCR and Bengaluru, it also makes waves internationally. In June 2024, the company launched its first overseas service in the UAE with a fleet of premium all-electric limousines. This move aligns with its vision of becoming a global leader in EV charging infrastructure and sustainable urban mobility.
BluSmart’s extensive EV charging infrastructure is the backbone of its operations. The company operates 5,800 charging stations across 50 Bengaluru and Delhi NCR hubs, covering over two million square feet. These hubs support a fleet of over 8,500 electric vehicles and ensure seamless operations for over 10,000 active driver partners. BluSmart has completed more than 21 million rides, contributing significantly to the global EV transition.
Leveraging Funding for Expansion
The $50 million raised in this round will strengthen BluSmart’s plans to scale its all-electric fleet and expand its EV charging infrastructure. The funds also follow a $24 million pre-Series B round concluded just six months ago, emphasizing the consistent investor interest.
As the global EV transition accelerates, BluSmart is strategically positioned at the forefront of this change. By combining innovation, the electric vehicle ecosystem, and customer-centric services, the company offers an alternative to traditional ride-hailing giants. Unlike its competitors, BluSmart operates on a scheduled pick-up and drop model, ensuring reliability and convenience for its customers.
Founded in 2019 by Anmol and Puneet Jaggi along with Punit Goyal, BluSmart has redefined sustainable urban mobility with its pure-play all-electric fleet. As urban centers worldwide grapple with pollution and traffic challenges, BluSmart’s scalable model presents a sustainable solution. With its latest funding, the company is poised to further disrupt mobility while championing the global EV transition.
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