BluSmart Mobility, India’s electric vehicle (EV) ride-hailing service and EV charging superhub infrastructure operator, has on Thursday announced that it has raised $42 million in the recent round in April.

BluSmart said in a statement that it continues to build on its vision of decarbonizing the future of transportation in India through rapid and sustainable expansion of operations over the last 18 months.

With an all-electric ride-hailing fleet size of 3,500 EVs currently operating in Delhi NCR and Bengaluru, BluSmart plans to have 10,000 EVs in FY24.
The latest round included an equity round of $37 million and venture debt of $5 million which saw participation from existing energy investors with almost 50 percent of the round being subscribed by the BluSmart founders and leadership team.

According to the statement, BluSmart’s monthly revenue has grown 3 times over the last three quarters and to scale further this funding round will be utilized to penetrate deeper into mega cities, expansion of fleet capacity to 10,000 over the next one year.

“The electrification of public transportation is imminent but the path to electrification has its own challenges,

“BluSmart tackles these challenges through an integrated and full- stack approach consisting of – born electric tech stack, complete control over EV charging infrastructure (installation, execution and utilization) and choosing the prime locations to build large scale EV charging infrastructure, optimally using and maintaining the EV ride-hailing fleet at scale,” said Anmol Singh Jaggi, Co-Founder and Chief Executive Officer, BluSmart Mobility.

He also said BluSmart investors and leadership team strongly believes that the transition to electric mobility is the need of the hour and is optimistic about achieving high growth momentum for the company.

BluSmart recently secured the largest EV asset financing in India backed by Power Finance Corporation (PFC) which will add 5000 EVs to BluSmart’s growing fully-electric ride hailing fleet.

PFC is a MahaRatna and has played a key role in the development of energy and renewable sector in India and with this new EV asset financing – it aims to accelerate the EV adoption in India. 

“While making EV transition in ride-hailing a reality is BluSmart’s business mission, our people mission is to create inclusive and equitable economic opportunities for driver-partners,

“We are focused on sustainability and profitability with a larger purpose to accelerate EV adoption and reverse climate change.” said Tushar Garg, Co-founder and Chief Business Officer, BluSmart Mobility. 

BluSmart has raised $109 million across its Seed to Series A2 rounds which includes an equity raise of $85 million raised across the Series A rounds.

It has also received EV asset leasing of $150 million backed by Development Financial Institutions like PFC, IREDA among others.

BluSmart which provides ride hailing service, has the largest fleet of electric cabs and the largest network of EV fast charging stations across Delhi NCR and Bengaluru.

Indian e-mobility startup Magenta Mobility raises $22M from bp and Morgan Stanley India Infrastructure