MS Dhoni invests in EV ride-hailing startup BluSmart
What's the story
Mahendra Singh Dhoni, ex-skipper of the Indian cricket team, has invested in BluSmart, a Gurugram-based startup offering ride-hailing services exclusively with electric vehicles (EVs).
The investment was made through Dhoni's family office during a ₹200 crore funding round.
"Investing in BluSmart's sustainable business model is not just about supporting a company; it's about being part of a movement that shapes the future of mobility," said Dhoni.
This marks the former Indian cricket captain's third investment in auto start-ups.
Market position
BluSmart valued at $250 million, competes with Ola, Uber
Founded in 2019, BluSmart is a direct competitor to ride-hailing giants like Ola and Uber.
The recent funding round pegs the five-year-old startup's valuation at $250 million, co-founder Punit Goyal revealed to CNBC-TV18.
BluSmart currently operates in New Delhi, Gurugram, Noida, and Bengaluru in India.
In June 2024, the company expanded its operations internationally by launching a premium all-electric limousine service in Dubai.
BluSmart plans to launch services in Mumbai by the end of 2024.
Information
Financial performance: $65 million in revenue, $200 million raised
BluSmart recently reported an annual revenue run rate of $65 million (nearly ₹550 crore). The startup has raised over $200 million in equity investments. Additionally, it has secured long-term and sustainable EV asset financing of $200 million backed by leading development financial institutions (DFIs).