The OLA of electric vehicles, BluSmart Mobility has secured $42 million in a Series A2 round of funding. BluSmart is India’s first and leading electric vehicle ride-sharing company.
The most recent transaction combines a $37 million equity round and a $5 million venture loan round. Existing investors, as well as the BluSmart founders and leadership team, participated in the round, with the latter providing approximately half of the total money.
BP Ventures, Survam Partners, Mayfield India Fund, 9Unicorns, Green Frontier Capital, Stride Ventures, Alteria Capital, and BlackSoil are among the notable investors in BluSmart.
The company’s monthly income has increased threefold in the previous three quarters, and new money will be used to expand into megacities and expand fleet capacity, according to a press release from BluSmart.
In the ride-hailing market, BluSmart, founded in 2019 by Anmol Jaggi, Puneet Jaggi, and Punit Goyal, competes with the oligopoly of Ola Cabs and Uber with an all-electric, shared, and smart mobility platform that offers ride-sharing, car-sharing, and scooter-sharing.
Currently, the firm serves the Bengaluru and Delhi-NCR regions. The EV company wants to grow its fleet from its present strength of 3,500 vehicles to 10,000 in FY24.
Recently, BluSmart stated that company planned to achieve profitability by the end of 2023. The company did not comment on the most recent revenue figures, but in FY22, it reported sales of Rs 29 crore and losses of Rs 65 crore.
Between its seed and series A2 rounds, BluSmart has received $109 million, including $85 million in various tranches in the series A financing. According to the firm, it has also obtained $150 million (about Rs 1,200 crore) in EV asset leasing from Development Financial Institutions like PFC and IREDA, among others, which would increase the number of EVs in its fleet of electric ride-hailing vehicles by 5000.