BluSmart will utilise the incoming funding to boost its operations and increase fleet capacity
BluSmart has raised $109 Mn in equity capital across its seed to Series A2 rounds
The funding comes after the startup secured INR 693 Cr in debt financing from PFC
Delhi NCR-based electric mobility startup BluSmart Mobility said on Thursday (May 4) that it raised $42 Mn in a funding round in April.
The latest round included an equity round of $37 Mn and venture debt of $5 Mn which saw participation from existing investor BP Ventures, which holds a 20% equity in BluSmart. Almost 50% of the round was subscribed by the BluSmart founders and leadership team.
The electric mobility startup is looking to utilise the incoming funding to boost its operations in India’s megacities, taking its fleet from the current 3,500 EVs to 10,000 during FY24.
Anmol Singh Jaggi, cofounder and CEO, BluSmart, said on the funding that the path to electrification has several challenges. “BluSmart tackles these challenges through a full-stack approach consisting of a born electric tech stack, complete control over EV charging infrastructure and choosing locations to build large scale EV charging infrastructure, optimally maintaining the EV ride-hailing fleet at scale,” Jaggi added.
The funding comes after the electric mobility startup secured debt financing from Power Finance Corporation (PFC). The INR 693 Cr loan would add 5,000 EVs to BluSmart’s ride-hailing fleet, along with 1,000 cargo EVs.
Founded in 2019, the electric mobility startup offers EV ride-hailing services and charging infrastructure across Delhi NCR, Bengaluru and other megacities in India. The company claims to have completed more than 5.3 Mn rides so far, travelling 180 Mn+ zero-carbon kilometres in the process.
BluSmart has raised $109 Mn across its seed to Series A-2 rounds which includes an equity raise of $85 Mn raised across the Series A rounds. The startup has been backed by Alteria Capital, BlackSoil, Stride Ventures, Mumbai Angels, BP Ventures and LetsVenture, among others.
It has also received EV asset leasing of $150 Mn (INR 1200 Cr) backed by Development Financial Institutions including PFC and IREDA, among others.
India’s electric mobility segment has developed into multiple different subsectors, including vehicle manufacturers, battery manufacturers, ride-hailing services and charging infrastructure providers.
BluSmart, therefore, competes with the likes of Ola and Uber, which have recently started offering EV rides to their users. The startup also competes with startups such as BOLT, Ather Energy, Cell Propulsion, CHARGE+ZONE, Chargeup and others.
Be that as it may, electric two-wheeler registrations dropped by 23% month-on-month (MoM) in April, after seeing a sharp jump in March, amid the ongoing issues and uncertainty around the Centre’s FAME-II scheme.