Electric Mobility Startup BluSmart Secures $42 Mn Funding
In April, BluSmart Mobility, an electric mobility business situated in Delhi NCR, was successful in raising $42 million in an investment round.
The recent funding round for BluSmart included an equity investment of $37 million, as well as $5 million in venture debt. BP Ventures, an existing investor that currently holds a 20% equity stake in BluSmart, participated in the round, as per reported by Inc42.
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BluSmart plans to use the newly raised funds to expand its operations in India’s megacities, to increase its current fleet of 3,500 electric vehicles to 10,000 by FY24.
Anmol Singh Jaggi, co-founder, and CEO, BluSmart, said on the funding that the path to electrification has several challenges. “BluSmart tackles these challenges through a full-stack approach consisting of a born electric tech stack, complete control over EV charging infrastructure, and choosing locations to build large-scale EV charging infrastructure, optimally maintaining the EV ride-hailing fleet at scale,” Jaggi added.
Before this funding round, BluSmart had secured debt financing from Power Finance Corporation (PFC). The INR 693 crore loan will allow BluSmart to add 5,000 electric vehicles to its ride-hailing fleet, as well as 1,000 electric cargo vehicles.
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BluSmart is a pioneer in all-electric ride-hailing mobility services in India. The company has a mission to promote sustainable means of transportation in urban India by offering efficient, affordable, intelligent, safe, and reliable mobility services.