BlackSoil-Backed BluSmart Crosses INR 500 Cr ARR In FY24, Eyes 10,000 EV Fleet By 2024-End

Delhi NCR-based electric mobility startup BluSmart has crossed an annual run rate (ARR) of INR 500 Cr ($60 Mn) in FY24, clocking 102% growth over the previous year.

Over the past three years, BluSmart’s gross business value (GBV) has witnessed phenomenal growth, delivering a CAGR of 300%.

According to the startup, the growth is attributed to its 4.9/5 star customer rating, fueled by industry-first offerings such as zero cancellations, on-time arrivals and zero emission cabs.

Anmol Singh Jaggi, cofounder, of BluSmart, said “…We are witnessing a rise in demand for sustainable mobility solutions, reinforcing the growth of a greener, more sustainable future. Fueled by this momentum, we are poised to deepen our impact by expanding our EV fleet and charging infrastructure, catering to our ever-growing customer base.”

The development comes months after the startup announced plans to raise $25 Mn (around INR 208 Cr) in a funding round from  Switzerland-based impact investor responsAbility Investments AG in a mezzanine structure.

Founded in 2019 by Jaggi and Punit K Goyal, BluSmart offers EV ride-hailing services and charging infrastructure across Delhi NCR, Bengaluru and other megacities in India. 

Since its inception in 2019, BluSmart has steadily grown its fleet size and aims to reach 10,000 EV fleet by the end of 2024.

It claims to have the largest EV fleet in South Asia of over 7,300 EVs, which have covered ~460 Mn clean kilometres saving 34 Mn Kgs of CO2 emissions. 

The Delhi NCR-based startup competes against Bengaluru-based Lithium, Delhi-based eee-Taxi, Kolkata-based Snap-E Cabs as well as giants like Ola and Uber.

The startup counts Alteria Capital, BlackSoil, Stride Ventures, Mumbai Angels, BP Ventures and LetsVenture among its investors.

Meanwhile, the startup’s consolidated net loss in the financial year 2021-22 (FY22) widened by 66% year-on-year (YoY) to INR 65.5 Cr due to a significant increase in expenses. 

BluSmart’s net loss was INR 39.4 Cr in FY21. Despite robust business growth, the electric ride-hailing company faced a negative impact on its bottom line in FY22.

Indian EV startups offer services such as sustainable mobility, energy infrastructure, commercial mobility and battery management system, among others, to the general masses and enterprises. Besides, they are also helping reduce carbon emissions and offering a cheaper alternative to fossil fuels. As a result, the space has been gaining a lot of traction from the investors.