BluSmart Secures USD 24 Mn in Pre-Series B Round to Expand EV Operations The latest funding round will support BluSmart in expanding its operations and building real EV charging infrastructure and assets in the megacities of India.
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BluSmart, India's EV ride-hailing service and charging network, has announced the raising of USD 24 million (INR 200 crore) in a Pre-Series B funding round. New investors include responsAbility Investments AG (impact asset manager), Sumant Sinha (global leader in the renewable energy sector), MS Dhoni Family Office (cricketer and former Indian captain), along with existing investors and BluSmart founders.
According to the official release, the funds will support BluSmart's expansion in major Indian cities, enhancing its EV charging infrastructure.
Punit Goyal, Co-founder of BluSmart, said, "BluSmart is building an integrated energy-infrastructure, mobility, and technology company to take full advantage of the EV revolution. Our latest fundraise of USD 24 million is an important step in our journey to scale the eMobility fleet and EV charging infrastructure."
Founded in 2019 by Anmol and Puneet Jaggi along with Punit Goyal, BluSmart operates in Delhi NCR, Bengaluru, and made its first international foray with the launch in Dubai in June 2024.
It aims to "Decarbonize Mobility at Scale" by integrating energy, infrastructure, mobility, and technology.
Sumant Sinha, founder of India's decarbonisation solutions company and a global leader in the renewable energy sector, commented, "The future of mobility is electric, and eMobility is a crucial step in making the shift to cleaner, emissions-free transportation. India's growing economy and favourable policies provide ample impetus for this transition. I am excited to partner with BluSmart in their growth journey."
According to the company, BluSmart's fleet has grown from 70 EVs in 2019 to 7,500 EVs, achieving over 500 million electric kilometres and saving nearly 40 million kg of CO2 emissions.
The company claims that it has also provided significant economic opportunities for around 9,800 driver partners and operates India's largest EV charging infrastructure with 50 hubs. Recently, BluSmart launched the 'BluSmart Charge' app for public use, further promoting EV adoption. The company has also crossed a USD 65 million annual revenue run-rate.
It has secured long-term and sustainable EV asset financing of USD 200 million, backed by leading development financial institutions (DFIs).
Cricketer and former Indian captain, Mahendra Singh Dhoni (MS Dhoni Family Office), said, "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. In a world where innovation drives sustainable choices, I am excited to back BluSmart's pioneering efforts in reshaping urban transportation."
