Electric mobility startup BluSmart Mobility raised $42 million from existing investor BP Ventures, which holds a 20% equity in BluSmart. Almost 50% of the round was subscribed by the BluSmart founders and leadership team.
Founded in 2019, the electric mobility firm provides EV ride-hailing services as well as charging infrastructure in Delhi NCR, Bengaluru, and other Indian megacities. So far, the company claims to have completed over 5.3 million rides, covering 180 million zero-carbon kilometres.
The electric mobility firm intends to use the new capital to expand its operations in India’s megacities, increasing its fleet from 3,500 to 10,000 EVs by FY24.
According to Anmol Singh Jaggi, cofounder and CEO of BluSmart, the path to electrification is fraught with difficulties. “BluSmart addresses these challenges with a full-stack approach that includes a born electric tech stack, complete control over EV charging infrastructure, and selecting locations to build large scale EV charging infrastructure, optimising the EV ride-hailing fleet at scale,” Jaggi added.
The electric mobility category in India has grown to include vehicle manufacturers, battery makers, ride-hailing services, and charging infrastructure suppliers.
BluSmart thus competes with Ola and Uber, which have lately begun giving EV rides to their passengers. BOLT, Ather Energy, Cell Propulsion, CHARGE+ZONE, Chargeup, and other startups compete with it.
