Blusmart Raises $24 Million In Pre-Series B Funding Round

(MENAFN- Khaleej Times) BluSmart, India and South Asia's first and largest vertically integrated EV RideHailing service and EV Charging Infrastructure network, has announced the successful completion of Pre-Series B funding round securing $24 million (Rs2 billion) in investment.

The fundraise saw participation from new investors comprising notable names, including responsAbility Investments AG (a leading impact asset manager), Sumant Sinha (iconic global leader in the renewable energy sector); MS Dhoni Family Office (Cricket icon and former Indian Captain); existing investors and BluSmart founders who all share the company's vision of 'Decarbonizing Mobility at Scale'. ⁠ The latest funding round will support BluSmart in expanding its operations and building real EV charging infrastructure & assets in the mega cities of India.

BluSmart is leading the decarbonization and electrification of mobility in India at scale. BluSmart EV Fleet has scaled over 110x from 70 EVs (Jan 2019) to 7,500 BluSmart EVs across Delhi NCR and Bangalore. BluSmart has achieved a historic milestone of over half a billion (500+ million) electric kms and delivered over 16 million electric trips saving nearly 40 million kgs of CO2 emissions since launch.

BluSmart is significantly elevating the customer experience with over 4 million app downloads and an overall 4.9/5 on iOS and Android, India's highest rated RideHailing service. It has created equitable economic opportunities for over ~9,800 BluSmart driver partners in India for a better future. Additionally, BluSmart Charge operates India's largest EV Charging Infrastructure with 50 EV Charging Hubs spread across 2 million sq. ft. - bedrock for accelerating the EV adoption in India. 'BluSmart Charge app' was recently launched for public access offering seamless & reliable charging experience. BluSmart has demonstrated phenomenal growth in the last one year and has recently crossed Rs5.5 billion ARR ($65 million Annual Revenue Run-rate).

Punit Goyal, Co-Founder, BluSmart, said,“BluSmart is building an integrated energy-infrastructure, mobility and technology company to take the full advantage of the EV revolution. Our latest fundraise of $24 million is an important step in our journey to scale the eMobility fleet and EV Charging Infrastructure.”

Sameer Tirkar, Head of Climate Infrastructure Investments APAC at responsAbility Investments AG, said,“We are happy to continue our partnership with BluSmart through our second round of funding. BluSmart has been able to lead the way in building from the grounds up an entire EV ecosystem to disrupt the conventional modes of commute without compromising on reliability and convenience. We believe in their vision and capabilities in creating positive environmental and social impact by reducing carbon emissions in urban transportation.”

Sumant Sinha, founder of India's leading decarbonisation solutions company, and an iconic 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 to this transition. I am excited to partner with BluSmart in their growth journey.”

Dhoni 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."

BluSmart is decarbonizing, electrifying & revolutionizing mobility in India with the vision towards a 100% emission-free future in line with India's ambitions to be a global leader in transitioning to cleaner transport. It has secured long-term and sustainable EV asset financing of $200 million backed by leading Development Financial Institutions (DFIs).

MENAFN15072024000049011007ID1108441656