News Post

BluSmart raising $24 Mn from existing investors

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BluSmart Mobility, an EV ride-hailing service and EV charging superhub infrastructure operator, is raising Rs 200 crore (approximately $24 million) in a pre-Series B round via the right issue. The board at BluSmart has passed a special resolution to issue 10,92,890 pre-series B preference shares at an issue price of Rs 1,840 each to raise Rs 200 crore, its regulatory filing accessed from the Registrar of Companies shows. The existing investors are likely to participate in the round as the filing reveals the right issue. BluSmart is a capital-intensive business and requires heavy capital to meet the general corporate requirements, the company said in its filings. While the company did not disclose the name of investors participating in the latest financing, it is backed by BP Ventures, Survam Partners, Mayfield India Fund, 9Unicorns (now 100Unicorns), JITO Angel Network, Green Frontier Capital, Stride Ventures, Alteria Capital, and BlackSoil, among others. Inc42 reported the development first. The company raised $42 million from existing backers of which 50% was subscribed by its leadership team in May last year. This was followed by an additional $24 million raised in December and another $25 million in January this year. BluSmart claims to operate more than 4,400 EV chargers spread across 36 EV charging superhubs. The firm also reached a milestone of adding 7,000 electric vehicles (EVs) to its fleet. Founded in 2019 by Anmol and Puneet Jaggi along with Punit Goyal, BluSmart takes on the duopoly of Ola Cabs and Uber which follow an on-demand model. Unlike Ola, Uber and Rapido, it offers scheduled pick-up and drops and has a pure-play electric fleet. Goyal recently said that BluSmart recorded Rs 390 crore in revenue in FY24 as compared to Rs 160 crore in FY23. However, it is yet to file audited financial statements for the past two fiscal years.