BluSmart Raises $24 Mn from Investors and Leadership
Three points you will get to know in this article:
- BluSmart Mobility secured $24 million in recent equity funding and has raised over $133 million to date.
- The company challenges Ola Cabs and Uber with its all-electric mobility platform and aims to expand its EV fleet.
- While achieving a $50 million annual revenue run-rate, BluSmart faced a 66% increase in losses, reaching Rs 65.4 crore.
BluSmart Mobility, a cutting-edge electric vehicle (EV) ride-hailing service and a pioneer in EV charging superhub infrastructure operation, successfully secured $24 million in a recent equity funding round.
As per the company’s statement, this round witnessed active involvement and enthusiastic support from current investors, company founders, and the esteemed leadership team.
Although specific details about the investors contributing to this latest funding initiative were not disclosed, BluSmart Mobility boasts backing from prominent names such as BP Ventures, Survam Partners, Mayfield India Fund, 9Unicorns, Green Frontier Capital, Stride Ventures, Alteria Capital, and BlackSoil, among other influential contributors.
Financial Milestones and Growth Reflecting on its financial journey
In the vibrant month of May, our company successfully secured a remarkable sum of $42 million, and what makes it even more incredible is that half of this amount was enthusiastically subscribed by our very own leadership team. Our journey of financial success has been nothing short of impressive, with BluSmart boasting a total fundraise of over $133 million so far. Notably, our Series A round alone brought in a substantial $85 million, collected in multiple tranches.
Looking ahead, we are committed to extending our brand promise of zero ride denials, punctual service, and eco-friendly mobility to even more locations. The resounding support for our recent rights issue from investors, coupled with the unwavering faith shown by prominent Development Financial Institutions (DFIs), speaks volumes about the extraordinary confidence they have in our mission. These sentiments were eloquently expressed by Anmol Singh Jaggi, our esteemed co-founder and CEO, who emphasized, “We are dedicated to furthering our mission, and the overwhelming backing we’ve received reinforces the trust placed in BluSmart by our stakeholders.”
Business Operations and Expansion Plans Established in 2019 by Anmol Jaggi
Established in 2019 by Anmol Jaggi, Puneet Jaggi, and Punit Goyal, BluSmart boldly challenges the ride-hailing duopoly of Ola Cabs and Uber. Distinguishing itself through an innovative all-electric, shared, and intelligent mobility platform, BluSmart offers a comprehensive suite of services, encompassing ride-sharing, car-sharing, and scooter-sharing.
The company proudly asserts ownership and management of more than 4,000 electric vehicle (EV) chargers distributed across 34 charging hubs.
Currently, BluSmart is making waves in Delhi-NCR and Bengaluru, with a grand vision to expand its footprint. By the upcoming year, the company ambitiously aims to grow its EV fleet to an impressive 8,000 vehicles, further solidifying its presence and impact across these dynamic regions.
Revenue and Growth Achievements
BluSmart proudly announced surpassing the $50 million mark (approximately Rs 400 crore) in annual revenue run-rate, experiencing a remarkable growth rate of over 100% year over year. Although the official FY23 results are pending, the company witnessed an impressive surge of 222%, amounting to Rs 29 crore in FY22. The key revenue streams for the fiscal year were derived from both cab services and charging facilities. As per insights from TheKredible, a startup data intelligence platform, the company faced a 66% increase in losses, reaching Rs 65.4 crore during the same period.
BluSmart Mobility, a pioneering EV ride-hailing service, recently secured $24 million in equity funding with support from current investors and its leadership team. Boasting a total fundraise of over $133 million, the company aims to expand its all-electric mobility platform to new locations. Established in 2019, BluSmart challenges the ride-hailing duopoly and manages 4,000+ EV chargers across 34 hubs. While achieving a $50 million annual revenue run-rate, the company faced a 66% increase in losses, reaching Rs 65.4 crore in FY22. Despite this, BluSmart remains focused on its mission with unwavering support from its stakeholders.
