BluSmart Mobility, a pioneering electric vehicle (EV) ride-hailing service and EV charging infrastructure operator, is gearing up to raise approximately $24 million (Rs 200 crore) in a pre-Series B funding round. The decision was confirmed through a special resolution passed by the company’s board, authorizing the issuance of 10,92,890 pre-Series B preference shares at a price of Rs 1,840 each, as per regulatory filings accessed from the Registrar of Companies.
The financing round is expected to see participation from existing investors. BluSmart’s business model is capital-intensive, necessitating substantial funds to meet general corporate requirements, the company stated in its filings. Although the names of the investors participating in this round have not been disclosed, BluSmart’s current backers include notable names such as BP Ventures, Survam Partners, Mayfield India Fund, 9Unicorns (now 100Unicorns), JITO Angel Network, Green Frontier Capital, Stride Ventures, Alteria Capital, and BlackSoil.
This latest funding effort follows a series of successful rounds in the past year. In May last year, BluSmart raised $42 million from its existing investors, half of which was subscribed by its leadership team. This was followed by an additional $24 million in December and another $25 million in January.
BluSmart has made significant strides in the EV sector, operating over 4,400 EV chargers across 36 EV charging superhubs and adding 7,000 electric vehicles to its fleet. Founded in 2019 by Anmol and Puneet Jaggi along with Punit Goyal, BluSmart differentiates itself from competitors like Ola and Uber by offering scheduled pick-ups and drops with a pure-play electric fleet, rather than following the on-demand model.
In a strategic move to expand its market presence, BluSmart is set to enter the Dubai market. An official launch is planned for the first week of June.
Financially, BluSmart has shown remarkable growth, recording Rs 390 crore in revenue for FY24, up from Rs 160 crore in FY23, as disclosed by co-founder Punit Goyal. However, the company has yet to file audited financial statements for the past two fiscal years.
As BluSmart continues to innovate and expand, this latest funding round marks a significant milestone in its journey towards revolutionizing the EV ride-hailing and charging infrastructure landscape.
