Gujarat, India-based Electric vehicle ride-hailing platform BluSmart raised USD 25 million in its Series A1 Funding. The round took place on May 24, 2022. BP Ventures and Green Frontier Capital led the funding for BluSmart. Meanwhile, venture debt funding came from Stride Ventures, Alteria Capital, BlackSoil and UCIC. The investment was a combination of equity and debt.
With the latest funding, the company announced the close of its Series A funding round that began in September 2021. So far, the total funding raised by the ride-hailing company in its Series A round stands at USD 50.7 million. The recent investment is probably one of the largest Series A fundraise in ride-hailing and intelligent mobility space globally.
Purpose of Funding for BluSmart
The EV Cab hailing company plans to use the latest funding to scale up its all-electric ride-hailing fleet to over 5,000 EVs. Meanwhile, it will look to expand its network of EV Superhubs and charging stations across Delhi-NCR.
Besides, the company will invest in marketing activities. BluSmart raised USD 75 million in EV asset financing backed by global development financial institutions.
What the founder has to say
Co-founder and CEO Anmol Jaggi said, “BluSmart has been able to scale 25x since launch backed by its founding tenets of innovative supply-side differentiation (backed by institutional EV financing), customer-centric business model (zero ride denials and zero surge pricing) and full-stack EV ecosystem approach (fully electric ride-hailing fleet backed by large scale EV infrastructure). BluSmart is creating inclusive and equitable economic opportunities for driver-partners who can drive and earn without the hassles of asset ownership.”
He added, “We continue to build the next generation EV ride-hailing service and EV charging infrastructure – making BluSmart India’s largest integrated and full-stack EV ecosystem solutions provider.”
About BluSmart
Anmol Jaggi, Puneet Singh Jaggi and Punit Goyal co-founded BluSmart in 2019. Based in Ahmedabad, Gujarat, BluSmart is an EV-based cab-hailing company. The company operates primarily in the Delhi-NCR region. Recently, the platform announced the launch of an intercity service for customers to travel from Delhi to Jaipur and Chandigarh.
The ride-hailing platform has zero cancellations and no surge prices. However, it currently takes about half an hour to book a cab through its app in Delhi. Adding more vehicles to its fleet could significantly bring down waiting time.
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