In Series A 1 round, the electric vehicle ride-hailing platform BluSmart raised $25 million. It is a follow-up to the Series A funding round that closed in September 2021. The total investment of Series A is $50.7 million. The company said this is one of the largest Series A funds raised in the ride-hailing and smart mobility space in the world.
In Series A 1 the Series A round, BluSmart had $15 million of equity capital and $10 million of debt. The equity round was led by BP Ventures and Green Frontier Capital with participation from existing investors while the venture debt round saw participation from Stride Ventures, Alteria Capital, BlackSoil and UCIC.
The funding will be used to scale up its all-electric ride-hailing fleet to over 5,000 EVs and expand its network of EV Superhubs across Delhi-NCR.
Since its launch, BluSmart has been able to scale 25 x, backed by its founding tenets of innovative supply side differentiation backed by institutional EV financing customer centric business model zero ride denials and full stack EV ecosystem approach fully electric ride-hailing fleet backed by large scale EV infrastructure, as well as the hassles of asset ownership. Jaggi said that BluSmart is building the next generation EV ride-hailing service and EV charging infrastructure, making it India's largest integrated and full-stack EV ecosystem solutions provider.
The company said it is committed to decarbonising mobility in Indian mega cities. It recently added long-range EVs and started its all-electric intercity service from Delhi-NCR to Jaipur and Chandigarh. It has its presence in all the domestic and international terminals at Delhi IGI Airport.
BluSmart is currently located in Delhi-NCR. It has completed 1.6 million zero-emission trips, covering 50 million clean kms.