BluSmart Secures $24 Million in Pre-Series B Funding to Fuel Expansion Plans

BluSmart, India’s largest vertically integrated EV ride-hailing service and EV charging infrastructure network, has completed its Pre-Series B funding round, raising $24 million (INR 200 Crores). The investment round attracted new investors such as responsAbility Investments AG, Sumant Sinha, and the MS Dhoni Family Office, along with existing investors and the company’s founders. The fresh capital will support BluSmart’s expansion and the development of EV charging infrastructure in India’s major cities.

Since its inception, BluSmart has been at the forefront of the decarbonization and electrification of mobility in India. The company’s EV fleet has grown exponentially, from 70 vehicles in January 2019 to 7,500 EVs operating across Delhi NCR and Bangalore. To date, BluSmart has logged over 500 million electric kilometres and completed more than 16 million trips, significantly reducing nearly 40 million kilograms of CO2 emissions.

Punit Goyal, Co-Founder BluSmart with Indian Cricket Icon MS Dhoni

Cricket icon and former Indian captain Mahendra Singh Dhoni, through the MS Dhoni Family Office, also expressed his support: “Investing in BluSmart’s sustainable business model is not just about supporting a company; it’s about being part of a movement that shapes the future of mobility. In a world where innovation drives sustainable choices, I am excited to back BluSmart’s pioneering efforts in reshaping urban transportation.”

BluSmart has also made remarkable strides in customer satisfaction, with over 4 million app downloads and a top-rated 4.9/5 score on iOS and Android, making it India’s highest-rated ride-hailing service. The company has created economic opportunities for approximately 9,800 driver partners, contributing to its social impact.

Sumant Sinha, founder of a leading decarbonization solutions company and a global leader in the renewable energy sector, emphasized the importance of electric mobility: “The future of mobility is electric, and eMobility is a crucial step in making the shift to cleaner, emissions-free transportation. India’s growing economy and favourable policies provide ample impetus to this transition. I am excited to partner with BluSmart in their growth journey.”

Sameer Tirkar, Head of Climate Infrastructure Investments APAC at responsAbility Investments AG, reiterated their support: “We are happy to continue our partnership with BluSmart through our second round of funding. BluSmart has led the way in building an entire EV ecosystem from the ground up, disrupting conventional modes of commute without compromising reliability and convenience. We believe in their vision and capabilities to create a positive environmental and social impact by reducing carbon emissions in urban transportation.”

BluSmart with responsAbility Investments AG

In addition to its ride-hailing services, BluSmart operates India’s largest EV charging infrastructure network, with 50 hubs spanning 2 million square feet. The recently launched BluSmart Charge app offers the public a seamless and reliable charging experience, fostering greater EV adoption across the country. The company has also achieved an annual revenue run-rate of $65 million (Rs. 550 Crores).

Punit Goyal, Co-Founder of BluSmart, expressed his enthusiasm about the new funding round: “BluSmart is building an integrated energy infrastructure, mobility, and technology company to fully take advantage of the EV revolution. Our latest fundraising of $24 million is an important step in our journey to scale the eMobility fleet and EV Charging Infrastructure.”

The company has secured long-term and sustainable EV asset financing of $200 million, backed by leading Development Financial Institutions (DFIs).