BluSmart, the electric mobility startup based in Delhi-NCR, has secured $24 million (INR 200 Cr) in a fresh equity funding round, witnessing oversubscription from existing investors, founders, and the leadership team. The capital injection is earmarked for the development of large-scale EV charging superhubs to facilitate the expansion of BluSmart’s electric ride-hailing service.
Founded in 2019, BluSmart currently provides EV ride-hailing services and charging infrastructure in Delhi NCR, Bengaluru, and other major cities in India. With a current fleet of over 5,500 electric vehicles (EVs), the startup plans to increase its fleet size to 8,000 across Delhi-NCR and Bengaluru by the next year.
Claiming to have completed more than 10 million rides, covering over 330 million zero-carbon kilometers, BluSmart is a key player in promoting sustainable and clean mobility solutions.
Anmol Singh Jaggi, Co-founder and CEO of BluSmart, stated, “It has been a landmark year for BluSmart with great achievements like the historic milestone of completion of 10 million electric trips and key industry recognitions. We will continue to expand our brand promise of zero ride denials, on-time service, and clean mobility to more geographies.”
Highlighting the significance of EV charging infrastructure, Tushar Garg, CEO of BluSmart Charging business, noted that it remains a critical bottleneck for large-scale EV adoption and represents a substantial opportunity. BluSmart is addressing this challenge by constructing large EV charging superhubs at prime locations in Delhi-NCR and Bengaluru.
In a funding round earlier this year in April, BluSmart secured $42 million, attracting support from investors such as Alteria Capital, BlackSoil, Stride Ventures, Mumbai Angels, BP Ventures, and LetsVenture.
BluSmart faces competition in the electric mobility space from notable players like BOLT, Ather Energy, Cell Propulsion, CHARGE+ZONE, and Chargeup.
The electric vehicle sector in India is witnessing increased investor interest as startups offer diverse services, including sustainable mobility, energy infrastructure, commercial mobility, and battery management systems, contributing to the reduction of carbon emissions and providing a cost-effective alternative to fossil fuels.
