BluSmart Secures $24 Million in Pre-Series B Funding to Drive EV Ride-Hailing Expansion in India
New Delhi, India — BluSmart, South Asia’s leading vertically integrated electric vehicle (EV) ride-hailing service and charging infrastructure network, has successfully raised $24 million in a Pre-Series B funding round. This investment marks a significant milestone for the company as it continues to advance its mission of decarbonizing mobility at scale.
The funding round attracted a mix of new and existing investors, including responsAbility Investments AG, a renowned impact asset manager, Sumant Sinha, a global leader in renewable energy, and the MS Dhoni Family Office, led by cricket legend and former Indian captain Mahendra Singh Dhoni. These investors join BluSmart founders in supporting the company’s vision for sustainable transportation.
With the fresh capital infusion, BluSmart aims to expand its operations and enhance its EV charging infrastructure across major Indian cities. Since its launch, BluSmart has made significant strides in transforming urban mobility, growing its EV fleet from 70 vehicles in January 2019 to 7,500 EVs currently operating in the Delhi NCR and Bangalore regions.
BluSmart has achieved a historic milestone of over 500 million electric kilometers traveled, delivering more than 16 million electric trips and saving approximately 40 million kilograms of CO2 emissions. The company has also garnered a strong customer base, with over 4 million app downloads and a 4.9/5 rating on both iOS and Android platforms, making it India’s highest-rated ride-hailing service.
BluSmart is committed to creating equitable economic opportunities, having partnered with approximately 9,800 drivers across India. Additionally, BluSmart Charge operates India’s largest EV charging infrastructure, with 50 EV charging hubs covering 2 million square feet, crucial for accelerating EV adoption in the country. The recent launch of the BluSmart Charge app for public access further enhances the user experience by providing seamless and reliable charging services.
The company has demonstrated remarkable growth over the past year, recently achieving an annual revenue run rate (ARR) of ₹550 crore ($65 million). It has also secured $200 million in long-term EV asset financing from leading development financial institutions (DFIs), ensuring sustainable growth and expansion.
Expressing enthusiasm for the investment, Mahendra Singh Dhoni stated, “Investing in BluSmart’s sustainable business model is not just about supporting a company; it’s about being part of a movement that shapes the future of mobility. In a world where innovation drives sustainable choices, I am excited to back BluSmart’s pioneering efforts in reshaping urban transportation.”
BluSmart’s commitment to decarbonizing and electrifying transportation aligns with India’s ambition to be a global leader in transitioning to cleaner transport, paving the way for a 100% emission-free future.
