[Update] Exclusive: BluSmart To Raise INR 200 Cr In Fresh Funding From New, Existing Investors

Update | July 15, 12:35 PM

Almost over a month after Inc42 had exclusively reported on BluSmart eyeing to raise INR 200 Cr ($24 Mn), the startup today officially announced raising the same amount from responsAbility Investments AG, Sumant Sinha, MS Dhoni Family Office, and BluSmart founders.⁠ The company aims to use the fresh capital to expand its operations and build EV charging infrastructure and assets in the mega cities of India.

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Original Story | May 22, 9:16 PM

Delhi-NCR based EV cab hailing startup BluSmart is looking to raise around INR 200 Cr in a pre-Series B funding round, as per the startup’s regulatory filing. 

People aware of the development said the funding round will close in June and will see participation from major new and existing investors. The regulatory filing stated that the capital raised will be utilised for the growth of the business as it is “capital-intensive” in nature. 

Confirming the development, BluSmart cofounder Punit K Goyal told Inc42, “BluSmart is raising $25 Mn or INR 200 Cr in an equity preference round. This is a Pre-Series B round.” 

The new round comes almost four months after BluSmart raised $25 Mn from Switzerland-based impact investor responsAbility in a mezzanine structure, including partial equity dilution and debt. That round came right after BluSmart rolled out a new fare structure for different times of the day, which includes surge pricing like app cab aggregators – Ola and Uber.

Prior to this in December last year, the startup had announced raising of $24 Mn on a rights issue basis. This round saw participation and over-subscription from its existing investors, founders and leadership team.

In May 2023, the startup had raised $42 Mn in a bridge round led by existing investors BP Ventures, and Survam Ventures. This funding round also saw participation from the startup’s leadership team. 

Over the years, the company has raised funds from BP Ventures, Survam Partners, Mayfield India Fund, 9 Unicorns, JITO Angel Network, Green Frontier Capital, Stride Ventures, Alteria Capital, and BlackSoil, among others. To date, the startup has raised around $200 Mn in growth capital which comprises $122 Mn in equity and $78 Mn in debt.

Founded in 2019 by Anmol Jaggi and Punit K Goyal, BluSmart offers EV ride-hailing services and charging infrastructure across Delhi NCR, and Bengaluru. The startup currently operates over 7,300 EVs and aims to increase the fleet size to 10,000 across Delhi NCR and Bengaluru by end of this year.

The company claims to have completed more than 10 Mn rides so far, travelling more than 330 Mn zero-carbon Km in the process. At present, BluSmart competes against the likes of Uber, Ola, Rapido, InDrive, Shoffr, among others.

BluSmart claims to have touched revenue of more than INR 390 Cr in the financial year ending on March 31, 2024, a significant increase from INR 160 Cr in FY23. The startup claims to have achieved $60 Mn (INR 500 Cr) in annualised revenue run rate (ARR) in April 2024, from $29 Mn in April 2024.

However, the FY24 figures could not be verified since the startup has not yet filed its audited financial statements.