Electric Ride-Hailing Startup Blusmart Raises $24 Million
Date
5/24/2024 2:18:38 PM
(MENAFN- KNN India) New Delhi, May 24 (KNN) BluSmart, a Gurgaon-based electric ride-hailing startup, is raising Rs 200 crore (USD 24 million) in a new funding round, according to regulatory filings by the company.
The pre-Series B round has seen participation from BluSmart's founders, existing investors like BP Ventures, Survam Partners, Mayfield India Fund and Green Frontier Capital, as well as new investors including a global climate and infrastructure fund, family offices, and founders of major Indian startups.
BluSmart co-founder Punit Goyal said the round is expected to close by the end of June.
The funds will help fuel the company's expansion plans, including a pilot launch in Dubai with 100 Audi e-tron SUVs and further Middle East expansion planned for later this year.
The new capital injection comes after a USD 25 million debt and equity round in January from ResponsAbility, a Swiss climate finance firm.
In 2023, BluSmart raised about USD 66 million across two rounds, including a rights issue that increased the founders' stake.
The four-year-old startup has rapidly scaled operations in India, posting Rs 390 crore (USD 47 million) in revenue for fiscal 2024, up from Rs 160 crore the previous year. Its annualized revenue run rate has crossed Rs 500 crore.
However, BluSmart remains a small player compared to rivals like Uber and Ola in India's ride-hailing market. It currently operates electric vehicle fleets in just two cities - Bengaluru and the National Capital Region.
(KNN Bureau)
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