BluSmart in talks to raise $100M for EV ride-hailing expansion
BluSmart Mobility, a leading name in the electric vehicle (EV) ride-hailing space, is in talks to raise between $80 million and $100 million, according to Moneycontrol. The company is in discussions with private equity funds, climate-focused investors, and family offices for the same. The raised funds will be used to expand its EV fleet and charging infrastructure and expand operations into new cities.
Commitment to revolutionizing urban mobility
Responding to questions about the fundraising, a BluSmart spokesperson said that the company is committed to revolutionizing urban mobility. The representative confirmed that BluSmart is actively looking at opportunities for growth and expansion, including both debt and equity. The spokesperson also noted the strong support from existing investors and considerable interest from potential new ones.
International expansion and domestic operations
BluSmart, which currently operates in Delhi NCR and Bengaluru, made its international debut with a premium all-electric limousine service in Dubai in June. Domestically, the company boasts of a fleet of over 7,600 EVs and a network of over 3,900 charging stations. As of July this year, BluSmart reported an annual revenue run-rate of ₹550 crore.
Business model and previous fundraising
Founded by Anmol Singh Jaggi, Punit Goyal, and Puneet Singh Jaggi in 2019, BluSmart follows an asset-light business model. The company leases cars on a monthly basis and its mobile app provides services similar to how you would book an Uber or Ola ride. Earlier this year, BluSmart raised $24 million in a round led by existing investors including Zurich-based climate finance firm responsAbility Investments, MS Dhoni's family office, and ReNew Power founder Sumant Sinha.
