Note: The information is from a press release sent to us by the manufacturer. TURBOCHARGED is not responsible for any inconsistencies and inaccuracies in the below data.
New Delhi, Thursday, 21st December 2023: BluSmart has raised $24 million (INR 200 crores) in a new equity round in December 2023, which saw participation and over-subscription from existing investors, founders and the leadership team. BluSmart is India’s largest born-electric, full-stack and fully integrated EV Ride Hailing service and EV Charging Infrastructure network.
BluSmart is building an integrated energy – infrastructure – mobility & technology business to decarbonise mobility at scale and will use the funds raised to build large-scale EV Charging Superhubs enabling the expansion of its electric ride hailing service. BluSmart currently operates India’s and South East Asia’s largest EV full stack ecosystem with over 5,500 BluSmart EVs on the Indian roads. The unique technology stack built indigenously has contributed to key milestones of 10 Million Electric Trips completed and over 330 Million Electric Kms covered, saving nearly 24,000 MT tons of CO2.
BluSmart owns and operates over 4000 BluSmart EV Chargers, across 34 BluSmart EV Charging Superhubs – the company operates the largest EV Charging superhub infrastructure spread across 1.3 Million Square Feet in densely populated mega-cities like Delhi NCR and Bangalore. BluSmart crossed $50 million in annual revenue run-rate and is growing at more than 100% YOY. This year, BluSmart was awarded Young Turk Startup of the Year 2023 and was ranked 2nd in Linkedin’s Top 20 Indian Startups 2023.
“It has been a landmark year for BluSmart with great achievements like the historic milestone of completion of 10 million electric trips and key industry recognitions. We will continue to expand our brand promise of zero ride denials, on time service and clean mobility to more geographies. The overwhelming support for the rights issue by our investors and belief exhibited by leading Development Financial Institutions (DFIs) shows exceptional confidence in our mission” said Anmol Singh Jaggi, Co-founder and CEO of BluSmart.
Tushar Garg, CEO of BluSmart Charging business added: “EV Charging Infrastructure is the biggest bottleneck for large-scale EV adoption and is also the single largest opportunity. Cities have challenges with finite prime locations and lack of adequate power load. BluSmart is building large EV Charging Superhubs at prime locations across Delhi NCR & Bangalore with industry leading utilization. Having dispensed 50+ million units of electricity till date, our EV Charging network has real world experience of powering 330+ million electric kms and are playing a pivotal role in accelerating the EV adoption in India”.
BluSmart has secured long-term and sustainable EV asset financing of ~$200 million (INR 1660 crores) backed by leading Development Financial Institutions (DFIs). BluSmart aims to scale to nearly 8,000 EVs fleet size across Delhi NCR and Bangalore by next year.
