BluSmart, a fully integrated EV ride-hailing service and EV charging infrastructure network has raised $24 million (₹200 crore) in a new equity round, which saw participation and over-subscription from existing investors, founders and the leadership team.
BluSmart is building an integrated energy-infrastructure-mobility-technology business to decarbonise mobility at scale and will use the funds raised to build large-scale EV Charging Superhubs, enabling the expansion of its electric ride-hailing service, said the company.
“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.
The platform currently operates India’s and South-East Asia’s largest EV full-stack ecosystem with over 5,500 BluSmart EVs on Indian roads. The unique technology stack, built indigenously, has contributed to key milestones of 10 million electric trips completed and over 330 million electric kms covered, saving nearly 24,000 mt of CO2.
Tushar Garg, CEO of BluSmart Charging business, said, “EV Charging Infrastructure is the biggest bottleneck for large-scale EV adoption and is also the single largest opportunity. Cities have challenges with finite prime locations and lack of adequate power load. BluSmart is building large EV Charging Superhubs at prime locations across Delhi NCR and Bengaluru with industry-leading utilisation.”
BluSmart has secured long-term and sustainable EV asset financing of $200 million (₹1,660 crore) backed by leading DFIs. BluSmart aims to scale to nearly 8,000 EVs fleet size across Delhi-NCR and Bengaluru by next year.