MS Dhoni invests in EV ride-hailing startup BluSmart
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.
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.
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).
