EV Taxi Service Startup BluSmart to Expand, Will Launch Cab Services In Mumbai

BluSmart will launch its EV ride-hailing service in Mumbai on January 1. In a post on X, the startup stated that the initial phase will be limited to an invite-only user base.

BluSmart, founded in 2019 by Anmol Jaggi and Punit K Goyal, offers EV ride-hailing services and charging infrastructure in Delhi, NCR, and Bengaluru. It claims to have 8,500 EVs in its fleet and has conducted 21 million rides to far. Its charging infrastructure includes 5,800 stations in Delhi-NCR and Bengaluru.

“After months of dedication and hard work, we’re excited to bring this dream to life in your city,” according to a post.

According to BluSmart, the rollout will begin with select participants having access to the service before it is made available to the general public.

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Earlier this month, the firm announced that its asset leasing project, Assure by BluSmart, had exceeded INR 100 crore in book value. Over the same time span, the programme’s monthly finance size increased tenfold, thanks to the support of more than 25 partners.

Under the plan, partners can buy electric vehicles and lease them to BluSmart. These vehicles are connected into BluSmart’s platform and used for passenger trips to generate revenue while ensuring partners receive set monthly rentals.

BluSmart last raised INR 200 crore in its Pre-Series B fundraising round from responsAbility Investments AG, Sumant Sinha, MS Dhoni Family Office, and its founders in July this year to expand its operations and construct EV charging infrastructure and assets across India’s megacities.

BluSmart has raised over $180 million in fundraising to far, and its backers include BP Ventures and 100Unicorns (previously 9Unicorns).

In April of this year, the firm reported a 102% rise in its annual run rate (ARR), topping INR 500 crore in the fiscal year ended March 2024.