BluSmart, the all-electric ride-hailing platform has raised $7 million (Rs 51 crore) in funding from multiple investors including Inflection Point Ventures, Venture Catalysts, Survam Partners, Mumbai Angels, Chhatisgarh Investments, JITO Angels, Lets Venture Fund and Kaplavriksh Fund.
The company says it will utilise the funding to expand the number of cars on the platform, set up more charging infrastructure, technology improvements and expand the geographical reach. It is also in discussions to raise venture debt. BluSmart had previously raised $3 million (Rs 22 crore) in seed round in September 2019.
Anmol Singh Jaggi, co-founder, BluSmart Mobility said, “We aim at bringing in a new narrative in the EV mobility space by giving the highest quality service as evidenced by our app rating, which is highest amongst all ride-sharing platforms and thus, transforming India’s mega-cities by providing convenient, sustainable and affordable mobility with great benefits for consumers, businesses and society at large.”
Punit K Goyal, co-founder, BluSmart Mobility “Electric mobility is the next big thing in India. BluSmart aims to improve the status of commuting and curbing the burden on environment caused due to transport running on fuel combustion. We are also looking at augmenting the EV uptake by expanding fast electric car charging infrastructure for an easy charging practice.”
At present, the company says it offers reliable, affordable, safer, smarter, and sanitised electric cabs to consumers in Delhi NCR. Its USPs include zero surge, zero emission and no ride denials. Building an electric ecosystem with strategic partnerships across automotive, infrastructure and energy companies, the start-up plans to add more electric cars and charging stations on its platform in 2021. Since its inception, the company says it has clocked over 5,000,000km with more than 200,000 clean rides and saved over 375,000kg CO2.
Mitesh Shah, co-founder, Inflection Point Ventures: “We are very excited to back BluSmart and be part of its success story. BluSmart has already become a reliable brand for cab service in Gurgaon market with its relentless focus on customer service, advanced product and a highly motivated driver force. IPV, with its vast Investor base of CXOs from diverse industries including EV, automotive and BFSI, will help BluSmart in growing its fleet economically as well as expand its network exponentially.”
Apoorv Ranjan Sharma, president and co-founder, Venture Catalysts: "BluSmart is a young Indian start-up led by extremely talented founders and bears huge potential in aiding the Indian electric vehicle industry. We are optimistic that our investment will help the startup embark on its next phase of growth and change the dynamics of EV infrastructure in the country. Also, our association with BluSmart is one step ahead with government of India, that is currently looking to promote electric mobility as one of the key solutions to reduce carbon emission."