EV ride-hailer BluSmart seeks $300 million for Delhi expanision

29 May 2024 CW Team

BluSmart, India?s leading electric cab operator aims to secure over $300 million in the next three years to expand its car fleet significantly, challenging giants like Uber Technologies Inc. in the rapidly growing market. The company plans to boost its fleet of electric vehicles in India, supplied by various manufacturers, to 13,000 by March from the current 7,500, with a long-term goal of reaching 25,000 cars within the same period.

Part of the funding will facilitate BluSmart's expansion beyond Delhi and Bengaluru, targeting Dubai as its next market. The company intends to launch with approximately 100 Audi EVs, aiming to operate 300 Audi and Tesla Inc. vehicles in Dubai by December, according to Punit Goyal, Co-founder, BP Ventures-backed startup.

While Uber and Ola dominate India?s ride-sharing market, BluSmart sees an opportunity to provide a superior customer experience by exclusively leasing its fleet, distinguishing itself from competitors whose drivers often own their vehicles. The company emphasises quality over low pricing, anticipating that customers in major cities will value the enhanced service.

BluSmart's commitment to an all-electric fleet aligns with broader efforts to combat air pollution in urban centres. Despite the competition's initiatives toward electrification, BluSmart remains focused on its green mission, leveraging its $200 million equity and long-term growth debt to secure an additional $25 million in funding, expected to close by late June.

While Dubai presents an exciting opportunity, India remains BluSmart's primary focus due to its vast population density around cities like Delhi, offering immense growth potential. (ET Infra)

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