BluSmart raises $24 million to expand EV operations and charging hubs

16 Jul 2024 CW Team

The funding round attracted significant new investors, including responsAbility Investments AG, a leader in impact asset management, and Sumant Sinha, a prominent figure in the renewable energy sector. The MS Dhoni Family Office also participated, reflecting the cricket icon's commitment to sustainable transport solutions.

BluSmart has shown remarkable growth since its inception, scaling its fleet from 70 EVs in January 2019 to 7,500 across Delhi NCR and Bangalore. The company has logged over 500 million electric kilometres, completed more than 16 million electric trips, and saved nearly 40 million kilograms of CO2 emissions.

"Our latest fundraise of $24 million is an important step in our journey to scale the eMobility fleet and EV charging infrastructure," said Punit Goyal, Co-Founder, BluSmart. The company plans to use the new capital to build substantial real EV charging assets and expand its footprint in India?s urban centres.

BluSmart's growth is also reflected in its customer service achievements, with over 4 million app downloads and maintaining a 4.9/5 rating on both iOS and Android platforms, making it India?s highest-rated ride-hailing service.

"BluSmart has been able to lead the way in building from the ground up an entire EV ecosystem to disrupt conventional modes of commute without compromising on reliability and convenience," said Sameer Tirkar, Head-Climate Infrastructure Investments APAC, responsAbility Investments AG.

Sumant Sinha, founder of a leading decarbonization solutions company, added, "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 favorable policies provide ample impetus to this transition."

Expressing his excitement about investing in BluSmart, cricket icon and former Indian Captain Mahendra Singh Dhoni (MS Dhoni Family Office) said, "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."

BluSmart is not only expanding its fleet but also operates India?s largest EV charging infrastructure, featuring 50 EV charging hubs over 2 million sq. ft. The recently launched 'BluSmart Charge app' offers public access to these hubs, ensuring a seamless and reliable charging experience.

The company has also secured long-term and sustainable EV asset financing of $200 million, backed by leading Development Financial Institutions (DFIs), reinforcing its commitment to a 100% emission-free future in line with India?s clean transport ambitions. (Source: ET)

BluSmart, a leading electric vehicle (EV) ride-hailing service in India and South Asia, announced that it has raised $24 million in a Pre-Series B funding round. This investment aims to support the expansion of its EV operations and the enhancement of its EV charging infrastructure across major Indian cities. The funding round attracted significant new investors, including responsAbility Investments AG, a leader in impact asset management, and Sumant Sinha, a prominent figure in the renewable energy sector. The MS Dhoni Family Office also participated, reflecting the cricket icon's commitment to sustainable transport solutions. BluSmart has shown remarkable growth since its inception, scaling its fleet from 70 EVs in January 2019 to 7,500 across Delhi NCR and Bangalore. The company has logged over 500 million electric kilometres, completed more than 16 million electric trips, and saved nearly 40 million kilograms of CO2 emissions. Our latest fundraise of $24 million is an important step in our journey to scale the eMobility fleet and EV charging infrastructure, said Punit Goyal, Co-Founder, BluSmart. The company plans to use the new capital to build substantial real EV charging assets and expand its footprint in India?s urban centres. BluSmart's growth is also reflected in its customer service achievements, with over 4 million app downloads and maintaining a 4.9/5 rating on both iOS and Android platforms, making it India?s highest-rated ride-hailing service. BluSmart has been able to lead the way in building from the ground up an entire EV ecosystem to disrupt conventional modes of commute without compromising on reliability and convenience, said Sameer Tirkar, Head-Climate Infrastructure Investments APAC, responsAbility Investments AG. Sumant Sinha, founder of a leading decarbonization solutions company, added, 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 favorable policies provide ample impetus to this transition. Expressing his excitement about investing in BluSmart, cricket icon and former Indian Captain Mahendra Singh Dhoni (MS Dhoni Family Office) said, 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. BluSmart is not only expanding its fleet but also operates India?s largest EV charging infrastructure, featuring 50 EV charging hubs over 2 million sq. ft. The recently launched 'BluSmart Charge app' offers public access to these hubs, ensuring a seamless and reliable charging experience. The company has also secured long-term and sustainable EV asset financing of $200 million, backed by leading Development Financial Institutions (DFIs), reinforcing its commitment to a 100% emission-free future in line with India?s clean transport ambitions. (Source: ET)

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