BluSmart Mobility, which operates an electric vehicle (EV) ride-hailing service and EV charging superhub infrastructure, has announced that it raised $42 million in a Series A2 funding round.
This round includes $37 million in equity and $5 million in venture debt, with existing investors, founders, and the leadership team contributing nearly half of the capital.
BluSmart Revenue
The company’s monthly revenue has tripled over the past three quarters, and the new funding will be used to expand its fleet capacity and penetrate deeper into mega cities.
BluSmart, which competes with Ola Cabs and Uber, currently operates in Delhi-NCR and Bengaluru and plans to increase its fleet size from 3,500 to 10,000 in the fiscal year 2024.
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The company aims to achieve profitability by the end of 2023. It has raised a total of $109 million in seed to Series A2 rounds, including $85 million in the Series A round, and has received EV asset leasing of around $150 million.
The company did not disclose its valuation, but it is expected to join the unicorn league in the near future.
BluSmart: A brief on the company
BluSmart Mobility is a transportation company that was founded in 2019 with the goal of providing sustainable ride-sharing services in urban India. As the country’s first electric shared smart mobility platform, the company offers affordable and intelligent transportation solutions.
BluSmart aims to reduce the carbon footprint of transportation while providing efficient and sustainable mobility options.
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