Exclusive: BluSmart To Raise $50 Mn At Pre-Money Valuation Of $335 Mn

EV cab hailing startup BluSmart is in the process of raising $50 Mn in its Series B funding round at a pre-money valuation of $335 Mn, sources told Inc42. 

The round will see participation from some of its existing investors, HNIs, family offices, promoters and couple of  VC funds. BluSmart’s existing investors includes responsAbility Investments AG, Sumant Sinha, MS Dhoni Family Office, BP Ventures, Survam Partners, Mayfield India Fund, 100Unicorns, JITO, Green Frontier Capital. 

The startup has already received half of the total fundraise of $50 Mn and the round is expected to close next month, the sources added.

Responding to Inc42’s queries on the funding, BluSmart said that the details will be revealed after the conclusion of the round.

The fresh funding round comes almost six months after the ride-hailing giant bagged $24 Mn from responsAbility Investments AG, Sumant Sinha, MS Dhoni Family Office, and its founders.⁠ 

Founded in 2019 by Anmol Jaggi and Punit K Goyal, BluSmart offers EV ride-hailing services and charging infrastructure across Delhi NCR and Bengaluru. It also launched its services in Dubai in June last year and in Mumbai earlier this month.

BluSmart currently operates over 8,500 EVs and has a community of over 10,000 active driver partners. Its EV charging network includes 5,800 stations across 50 hubs in Delhi NCR, Mumbai, and Bengaluru, covering over 2 Mn sq. ft.

Overall, BluSmart has raised $136 Mn in equity funding to date. 

While the startup is yet to file its financial statements for FY24, it claimed earlier that its revenue zoomed to over INR 390 Cr during the year from INR 160 Cr in FY23.

Meanwhile, the sources told Inc42 that BluSmart’s annual revenue rate (ARR) for FY25 is at $95 Mn (INR 815 Cr) currently.

Last month, BluSmart also claimed that its asset-leasing initiative, Assure by BluSmart, has crossed INR 100 Cr in book value within its first year of launch.