EV Ride-hailing Startup BluSmart to Raise $25 Million in Pre-Series B Round It is also looking to enter the Dubai market and will be ready for an official launch in the first week of June
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EV ride-hailing service and EV charging superhub infrastructure operator, BluSmart Mobility, is looking to raise USD 25 million in a Pre-Series B round, at a valuation of USD 250 million.
The startup's regulatory filing shows the board has passed a special resolution to issue 10,92,890 pre-series B preference shares at an issue price of INR 1,840 each.
The 2019-founded EV startup competes with Ola; Uber; Rapido; and Namma Yatri; and operates only in two cities: Bengaluru and the National Capital Region.
Its existing investors such as BP Ventures, Survam Partners, Mayfield India Fund, 9Unicorns (now 100Unicorns), JITO Angel Network, Green Frontier Capital, Stride Ventures, Alteria Capital, and BlackSoil are most likely to participate in the round. This funding development comes months after the Switzerland-based responsAbility invested USD 25 million in the Punit K Goyal-Puneet Singh Jaggi venture.
In March, BluSmart touched a milestone of 7,000 EVs on the BluSmart fleet, becoming South Asia's largest all-electric ride-hailing platform. And in April, it crossed the Annual Run Rate (ARR) of INR 500 crore, achieving 102 per cent growth over the previous year. Goyal said in the media that the company had crossed INR 390 crore in revenue for FY24, as compared to INR 160 crore in FY23.
Notably, BluSmart is on an expansion spree. Last month, the firm announced it had plans to ramp up its existing fleet count to 10,000 electric cars by 2024-end. It is also looking to enter the Dubai market and will be ready for an official launch in the first week of June.
