BluSmart Poised For Rapid Expansion In Electric Mobility

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  • With operations spanning Delhi-NCR and Bengaluru, has reached a significant achievement of deploying a fleet of 5,000 electric vehicles (EVs).
  • Has strategically installed more than 3,900 EV charging points across 32 charging hubs at pivotal locations.

BluSmart, an electric vehicle (EV) ride-hailing and charging provider, has crossed an annual revenue run rate (ARR) of Rs 400 crore, marking a financial feat. The company’s Co-founder and CEO, Anmol Singh Jaggi, expressed optimism about the future, stating that the current year has been transformative, propelling their growth trajectory. He further emphasised that the upcoming year is poised for rapid expansion, supported by the robust demand for their EV ride-hailing and charging services. This demand reaffirms the continued rise of electric mobility as a preferred mode of transportation.

The company secured a funding infusion of $42 million, a substantial boost that included a $37 million equity round and an additional $5 million in venture debt. The founders and leadership team contributed almost half of this funding, with participation from existing energy investors. Its commitment to innovation is evident as over 2.4 million users have downloaded their app, indicating a growing interest in their services. The company plans to expand its EV fleet to 10,000 vehicles during the fiscal year 2024, reflecting its confidence in the evolving EV market. In terms of financial backing, it has successfully raised a total of $109 million across multiple funding rounds, with a substantial equity raise of $85 million. The company secured EV asset leasing worth $150 million (Rs 1,200 crore).

This strategic approach to sustainable transportation highlights the company’s role in shaping the future of urban mobility. As the demand for electric vehicles continues to grow, they remain at the forefront of this transformative industry, fostering innovation, environmental consciousness, and economic growth.

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