May 5, 2023
1 min read

BluSmart Mobility to boost its EV ops in India

The latest round included an equity round of $37 million and venture debt of $5 million which saw participation from existing energy investors…reports Asian Lite News

Leading EV ride-hailing and charging provider BluSmart Mobility on Thursday said it has raised $42 million in the recent round and will continue to build on its vision of decarbonising the future of transportation in the country.

The latest round included an equity round of $37 million and venture debt of $5 million which saw participation from existing energy investors, with almost 50 per cent of the round being subscribed by the BluSmart founders and leadership team.

With an all-electric ride-hailing fleet size of 3,500 EVs currently operating in Delhi-NCR and Bengaluru, BluSmart plans to have 10,000 EVs in FY24.

“The electrification of public transportation is imminent but the path to electrification has its own challenges. BluSmart tackles these challenges through an integrated and full-stack approach, optimally using and maintaining the EV ride-hailing fleet at scale,” said Anmol Singh Jaggi, Co-founder and CEO, BluSmart Mobility.

BluSmart’s monthly revenue has grown 3 times over the last three quarters and to scale further this funding round will be utilised to penetrate deeper into mega cities, expansion of fleet capacity to 10,000 over the next 1 year.

BluSmart recently secured the largest EV asset financing of Rs 633 crore in India, backed by the Power Finance Corporation (PFC), which will add 5,000 EVs to BluSmart’s growing fully-electric ride-hailing fleet.

“We are focused on sustainability and profitability with a larger purpose to accelerate EV adoption and reverse climate change.” said Tushar Garg, Co-founder and Chief Business Officer, BluSmart Mobility.

BluSmart has raised $109 million across rounds which includes an equity raise of $85 million. It has also received EV asset leasing of $150 million (Rs 1,200 crore) backed by Development Financial Institutions like PFC, IREDA among others.

ALSO READ: Paytm Travel Carnival from May 1-5

Previous Story

Samsung sets eyes on 2X growth in TV biz in India

Next Story

Yellow metal hits record high

Latest from Business

Microsoft Cuts Deep

The fresh job cuts come less than two months after Microsoft announced it was laying off more than 6,000 employees…reports Asian Lite News Microsoft is set to cut around 9,000 jobs —

Northeast Is Growth Engine

Scindia also provided updates on the government’s efforts to facilitate the entry of SpaceX’s Starlink service into India. “All due diligence from the Ministry’s side is complete Union Minister for Communications and

India to Empower Global South

India is emerging as a pivotal force in the global transition to clean energy, with Union Minister for New and Renewable Energy, Pralhad Joshi, asserting that the country is empowering the Global

Maruti’s Global Push Breaks Record

June shipments hit 37,842 units, signalling robust global demand Maruti Suzuki India recorded its highest-ever monthly exports in June, shipping 37,842 units and marking a new milestone that highlights the company’s expanding

India Bats for Fairer Global Finance: FM Sitharaman

FM Sitharaman stated that we believe that optimal regulation fosters innovation and stability….reports Asian Lite News India supports reforms to the international financial architecture to enhance inclusivity and equity, including Multilateral Development
Go toTop

Don't Miss

50% EVs on UAE roads by 2050

Dubai is set to add a compelling eco-friendly dimension to

Rs 20L for Tesla: Musk’s India EV factory plan gathers pace

It was a change of plans for the mercurial Musk