EV cab firm BluSmart raises $50 mn; plans to expand fleet to over 5,000 cars

Electric vehicle ride-hailing platform BluSmart has raised $25 million in a Series A1 round. It is a follow-up to the Series A funding round that closed in September 2021. This brings the total round of its Series A investment to $50.7 million. The company said that this is one of the largest Series A fundraise in ride-hailing and smart mobility space globally. 

BluSmart’s $25 million in the Series A1 round comprised $15 million of equity capital and a venture debt of $10 million. The equity round was led by BP Ventures and Green Frontier Capital with participation from existing investors, while the venture debt round saw participation from Stride Ventures, Alteria Capital, BlackSoil and UCIC. 

The company plans to use the funding to scale up its all-electric ride-hailing fleet to over 5,000 EVs and expand its network of EV Superhubs across Delhi-NCR. 

Co-founder and CEO Anmol Jaggi said, “BluSmart has been able to scale 25x since launch backed by its founding tenets of innovative supply side differentiation (backed by institutional EV financing), customer centric business model (zero ride denials and zero surge pricing) and full stack EV ecosystem approach (fully electric ride-hailing fleet backed by large scale EV infrastructure). BluSmart is creating inclusive and equitable economic opportunities for driver partners who can drive and earn without the hassles of asset ownership.”

Jaggi added that BluSmart is building the next generation EV ride-hailing service and EV charging infrastructure, making it India’s largest integrated and full-stack EV ecosystem solutions provider.

The company said that it is committed to decarbonise mobility in Indian mega cities. It recently added long-range EVs and started its all-electric intercity service from Delhi-NCR to Jaipur and Chandigarh. It also has its presence in all the domestic and international terminals at the Delhi IGI Airport. 

BluSmart currently operates across Delhi-NCR. It said that it has completed 1.6 million zero-emission trips, covering 50 million clean kms. 

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