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BluSmart raises $25 million in pre-Series B funding for ride-hailing services

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Ride-hailing BluSmart raising $25 million in pre-Series B

BluSmart Mobility, an EV ride-hailing service and EV charging superhub infrastructure operator, is set to raise $25 million in a pre-Series B round at a valuation of $250 million. The investment opportunity is expected to close in the fourth week of June, with participation from BluSmart founders, existing investors, and external investors such as a global climate and infrastructure fund, global leaders, leading family offices, and founders of India’s largest start-ups.

BluSmart currently operates over 4,400 EV chargers across 36 EV charging superhubs and has added 7,000 electric vehicles (EVs) to its fleet. The company was founded in 2019 by Anmol Jaggi, Puneet Jaggi, and Punit Goyal to compete with Ola Cabs and Uber in the on-demand ride-hailing market.

Recently, BluSmart announced crossing an Annual Run Rate (ARR) of ₹500 crore ($60 million) with a 102% growth over the previous year. The company’s gross business value (GBV) has shown a remarkable 300% compound annual growth rate (CAGR) over the last three years, positioning it for continued success.

In addition to the current fundraising round, BluSmart had previously raised $25 million in debt and equity in January from Zurich-based climate finance firm ResponsAbility. The company aims to expand its EV fleet to 10,000 vehicles by the end of 2024 and is preparing for its official launch in the Dubai market in the first week of June. With revenues exceeding ₹390 crore in fiscal year 2024, BluSmart is on a solid growth trajectory and is poised for further expansion and success.

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