BluSmart to raise $50 Mn in new round

BluSmart Mobility, an EV ride-hailing service and EV charging superhub infrastructure operator is raising Rs 425 crore (approximately $50 million) in its Series B round. This will be the second fundraise for the Gurugram-based company in the past six months.

BluSmart's board passed a special resolution in November last year to issue 17,70,833 Series B CCPS at an issue price of Rs 2,400 each to raise Rs 425 crore or $50 million, its regulatory filing sourced from the Registrar of Companies shows.

BluSmart has already secured Rs 61 crore from 26 individual investors, with the remaining amount expected to arrive soon. According to the filings, existing investors and new participants will likely contribute to this funding round.

The funding came just six months after the closure of its $24 million pre-Series B round. According to Fintrackr’s estimates, the company will be valued at around Rs 3,050 crore (approximately $363 million) post-allotment.

Founded in 2019 by Anmol and Puneet Jaggi along with Punit Goyal, BluSmart follows an on-demand model. Unlike Ola, Uber, and Rapido, it offers scheduled pick-ups and drops and has a pure-play electric fleet.

The company officially expands its all-electric ride-hailing services to Mumbai this week which covers key areas such as Goregaon, Bandra, and the Bandra Kurla Complex (BKC), with plans for further citywide expansion.

BluSmart boasts a fleet of over 8,500 EVs, 5,800 charging stations, and has completed 22 million rides. It currently operates in Delhi, the surrounding areas of the National Capital Region (NCR), and Bengaluru.

Goyal recently said that BluSmart recorded Rs 390 crore in revenue in FY24 as compared to Rs 160 crore in FY23. However, it has yet to file audited financial statements for the past two fiscal years.