Key takeaways
- BluSmart raises $24 million in Pre-Series B funding to enhance EV operations and infrastructure.
- Investors include responsAbility Investments AG, Sumant Sinha, and MS Dhoni Family Office.
- Funds will support scaling operations in major Indian cities and expanding EV charging infrastructure.
- BluSmart's fleet grew from 70 to 7,500 EVs, achieving significant CO2 savings.
- Company reports an annual revenue run-rate of INR 550 Crores ($65 million).
BluSmart Funding Details and Investor Participation
BluSmart, India and South Asia's largest vertically integrated EV ride-hailing service and EV charging infrastructure network, has successfully secured $24 million (INR 200 Crores) in a Pre-Series B funding round. The investment saw participation from new investors including:
- responsAbility Investments AG, a leading impact asset manager
- Sumant Sinha, a prominent leader in the renewable energy sector
- MS Dhoni Family Office, representing the former Indian cricket captain
Existing investors and BluSmart founders also contributed to this round, reinforcing their commitment to the company's vision of "Decarbonizing Mobility at Scale."
Read more at: Decarbonisation is a big business opportunity for consulting firms in India
Expansion Plans and Growth Achievements
The newly acquired funds will support BluSmart's expansion plans:
- Scaling operations in major Indian cities
- Building comprehensive EV charging infrastructure
BluSmart has demonstrated significant growth since its inception:
- Fleet expansion from 70 EVs in January 2019 to 7,500 EVs across Delhi NCR and Bangalore
- Completed over 16 million electric trips
- Saved nearly 40 million kgs of CO2 emissions
- Achieved INR 550 Crores Annual Revenue Run-rate ($65 million)
The company has also established India's largest EV charging infrastructure with 50 EV Charging Hubs spread across 2 million sq. ft.
Vision for Sustainable Mobility
Punit Goyal, Co-Founder of BluSmart, emphasised the company's goal of building an integrated energy-infrastructure, mobility, and technology company to capitalise on the EV revolution. The funding will play a crucial role in scaling their eMobility fleet and EV charging infrastructure.
Investors expressed confidence in BluSmart's vision and its potential to create positive environmental and social impact. Sumant Sinha highlighted the importance of eMobility in the transition to cleaner transportation, while MS Dhoni emphasised the significance of supporting sustainable business models that shape the future of mobility.
BluSmart's commitment to a 100% emission-free future aligns with India's ambitions to lead the transition to cleaner transport, positioning the company as a key player in the country's sustainable mobility landscape.
