BluSmart has raised a Pre-Series B funding round of about ₹200 crore ($24 million) to fuel its expansion. Investors included responsAbility Investments AG, Sumant Sinha and MS Dhoni Family Office.
Existing investors and BluSmart founders also participated in this round, it added.
“The latest funding round will support BluSmart in expanding its operations and building real EV charging infrastructure & assets in the mega cities of India,” the EV ride-hailing and charging infrastructure hailing services and charging infrastructure operator, stated.
The company said it has recently crossed ₹550 crore ARR ($65 million Annual Revenue Run-rate). It said it has also scaled up its EV Fleet by over 110x from 70 EVs (Jan 2019) to 7,500 BluSmart EVs across Delhi NCR and Bangalore.
It has secured long-term and sustainable EV asset financing of $200 million backed by leading Development Financial Institutions (DFIs) so far.
Punit Goyal, Co-Founder, BluSmart, said, “BluSmart is building an integrated energy-infrastructure, mobility and technology company to take full advantage of the EV revolution. Our latest fundraise of $24 million is an important step in our journey to scale the eMobility fleet and EV Charging Infrastructure.”
Sameer Tirkar, Head of Climate Infrastructure Investments APAC at responsAbility Investments AG, said, “We are happy to continue our partnership with BluSmart through our second round of funding.
BluSmart has been able to lead the way in building from the grounds up an entire EV ecosystem to disrupt the conventional modes of commute without compromising on reliability and convenience. We believe in their vision and capabilities in creating positive environmental and social impact by reducing carbon emissions in urban transportation.”
“The future of mobility is electric, and eMobility is a crucial step in making the shift to cleaner, emissions-free transportation. India’s growing economy and favourable policies provide ample impetus to this transition. I am excited to partner with BluSmart in their growth journey,” added Sinha.
It also operates India’s largest EV Charging Infrastructure with 50 EV Charging Hubs spread across 2 million sq. ft. It recently launched the “BluSmart Charge app”.
“Investing in BluSmart’s sustainable business model is not just about supporting a company; it’s about being part of a movement that shapes the future of mobility. In a world where innovation drives sustainable choices, I am excited to back BluSmart’s pioneering efforts in reshaping urban transportation,” added Dhoni.
BluSmart is decarbonizing, electrifying & revolutionizing mobility in India with the vision towards a 100 per cent emission-free future in line with India’s ambitions to be a global leader in transitioning to cleaner transport.