BluSmart To Launch EV Cab Services In Mumbai

EV ride-hailing service provider BluSmart is set to begin operations in Mumbai on January 1. In a post on X, the startup said that the initial phase will be limited to an invite-only group of users.

“After months of dedication and hard work, we’re excited to bring this dream to life in your city,” one of the posts read. 

According to BluSmart, the rollout will initially allow select participants to access the service before it becomes available to the general public. 

Founded by Anmol Jaggi and Punit K Goyal in 2019, BluSmart provides EV ride-hailing services and charging infrastructure across Delhi NCR and Bengaluru. It claims to have 8,500 EVs in its fleet and completed 21 Mn rides to date. Its charging infrastructure includes 5,800 stations in Delhi NCR and Bengaluru.

Earlier this month, the startup said that its asset-leasing initiative, Assure by BluSmart, crossed INR 100 Cr book value. Over the same period, the programme experienced a tenfold increase in monthly financing scale, supported by more than 25 partners.

Under the initiative, partners can purchase electric cars and lease them to BluSmart. These vehicles are integrated into BluSmart’s platform, where they are used for passenger trips to generate earnings as it ensures partners receive fixed monthly rentals.

BluSmart last raised INR 200 Cr in its Pre-Series B funding round from responsAbility Investments AG, Sumant Sinha, MS Dhoni Family Office, and its founders in July this year to expand its operations and build EV charging infrastructure and assets in the mega cities of India.

BluSmart has raised a total funding of over $180 Mn till date and counts the likes of BP Ventures and 100Unicorns (formerly 9Unicorns) among its investors.

In April this year, the startup said that it saw a 102% increase in its annual run rate (ARR), surpassing INR 500 Cr in the financial year ending March 2024 (FY24).