BluSmart, an Indian ride-hailing startup that exclusively uses electric vehicles, has raised $42 million in its latest funding round, according to Bloomberg News. The funding round included investors such as BP Ventures, the investment arm of energy giant BP Plc, which currently holds 20% equity. BluSmart co-founder, Anmol Jaggi, revealed that the company is currently valued at $250 million, and the company’s founders also participated in the funding round.
Established in December 2019 by Jaggi and four others, BluSmart was founded with the idea of bringing a new, greener ride-hailing option to the massive Indian market. The startup raised $109 million across its seed and Series A rounds. However, the Covid pandemic put the brakes on almost all such services, and BluSmart had to pause its operations. The market is now recovering, and the startup has expanded to cover two of India’s biggest cities, Delhi and Bangalore.
While rivals Ola and Uber have integrated some electric vehicles into their large fleets, Jaggi sees an opportunity in providing customers with EVs exclusively. He believes electric vehicles can generate better income for drivers and the platform while providing clean and reliable rides to users. According to Jaggi, Uber and Ola are losing money, and their business doesn’t have unit economics, which is why he believes his startup can succeed.
BluSmart finances drivers’ cars, sets up electric charging infrastructure working with partners, and is also getting involved in electric-car manufacturing with partner GenSol Engineering Ltd. The startup said it will use the latest round of capital to penetrate deeper into major cities and more than double its fleet to 10,000 over the next year. Revenue has tripled over the last three quarters, according to the startup’s funding announcement on Thursday.
BluSmart is an Indian ride-hailing startup that exclusively uses electric vehicles. The company was founded in December 2019 with the goal of providing a greener ride-hailing option in the Indian market. BluSmart has raised significant funding from investors like BP Ventures and has expanded to cover two of India’s biggest cities, Delhi and Bangalore. The startup finances drivers’ cars, sets up electric charging infrastructure working with partners, and is getting involved in electric-car manufacturing with partner GenSol Engineering Ltd. BluSmart aims to provide customers with clean, reliable rides while generating better income for drivers and the platform.
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