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Paytm Eyeing Foray Into Ride Hailing Space With Autorickshaw Offerings, To Challenge Ola, Uber

Inc42Inc42 · 1y ago
Paytm Eyeing Foray Into Ride Hailing Space With Autorickshaw Offerings, To Challenge Ola, Uber
Medial

Paytm, the fintech giant in India, is planning to enter the ride-hailing space by offering auto rickshaw booking services through its app. The service is currently being tested with select users and might expand to include cab bookings later on. Paytm aims to launch these ride-hailing services in tier 1 cities such as Delhi, Bengaluru, and Chennai. This move will challenge the dominance of Ola and Uber in the Indian ride-hailing market, which is already facing competition from emerging players like Rapido and BluSmart. Paytm's ride-hailing venture is facilitated by ONDC-backed Namma Yatri, which offers its services to driver partners through a subscription fee model.

Evera Cabs takes over 500 BluSmart EVs

EntrackrEntrackr · 2m ago
Evera Cabs takes over 500 BluSmart EVs
Medial

Evera Cabs (Prakriti Mobility) has initiated the repossession of 500 electric cabs formerly operated by BluSmart, following the latter’s operational suspension in key metros. With 220 vehicles already acquired and the remaining 280 set to be reclaimed in the coming days, Evera is strengthening its position as the leading electric cab service provider, with a strong focus on airport mobility. The company is on an acquisition spree with a funnel of 1,000 BluSmart cabs, Evera said in a press release. This development follows BluSmart’s suspension of services in key metros such as Bengaluru, Mumbai, and Delhi. The BP Ventures- and Mayfield-backed company is also facing protests from its driver partners over unpaid dues and job losses. Evera is an all-electric, app-based taxi service currently serving Indira Gandhi International Airport, operating in the B2B segment since 2022. Evera said that the repossession of BluSmart’s cabs through its lenders is part of a multi-stage strategic plan to reinforce its footprint in NCR’s high-demand airport cab sector. The first phase involves the redeployment of these electric vehicles to strengthen operations, particularly in and around Indira Gandhi International Airport. According to the company, alongside fleet integration, a significant number of BluSmart drivers are transitioning to Evera, with around 150 already actively completing trips. In the next phase, Evera plans to double down on its airport network expansion to extend services across all terminals of Delhi’s airport. While Evera previously operated only from Terminal 3, the integration of new vehicles enables full-terminal coverage to ensure better availability and turnaround times for commuters.

BluSmart to raise $50 Mn in new round

EntrackrEntrackr · 6m ago
BluSmart to raise $50 Mn in new round
Medial

BluSmart to raise $50 Mn in new round BluSmart Mobility, an EV ride-hailing service and EV charging operator, is raising Rs 425 crore (approximately $50 million) in its Series B round. This will be the second fundraise for the Gurugram-based company in the past six months. BluSmart's board passed a special resolution in November to issue 17,70,833 Series B CCPS at an issue price of Rs 2,400 each to raise Rs 425 crore or $50 million, its regulatory filing sourced from the Registrar of Companies shows. BluSmart has already secured Rs 61 crore from 26 individual investors, with the remaining amount expected to arrive soon. Existing investors and new participants will likely contribute to this funding round. The funding came just six months after the closure of its $24 million pre-Series B round. According to Fintrackr’s estimates, the company will be valued at around Rs 3,050 crore (approximately $363 million) post-allotment. Founded in 2019 by Anmol and Puneet Jaggi along with Punit Goyal, BluSmart follows an on-demand model. Unlike Ola, Uber, and Rapido, it offers scheduled pick-ups and drops and has a pure-play electric fleet. The company officially expands its all-electric ride-hailing services to Mumbai this week, covering key areas such as Goregaon, Bandra, and the Bandra Kurla Complex (BKC), with plans for further citywide expansion. BluSmart boasts a fleet of over 8,500 EVs, 5,800 charging stations, and has completed 22 million rides. It currently operates in Delhi, the surrounding areas of the National Capital Region (NCR), and Bengaluru. Goyal recently said that BluSmart recorded Rs 390 crore in revenue in FY24 as compared to Rs 160 crore in FY23. However, it has yet to file audited financial statements for the past two fiscal years.

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