EV superhub start-up, BluSmart has secured $25 million with $15 million in equity capital and $10 million in venture debt in an extended Series A round. It is a follow-up to the Series A funding round that closed in September 2021.
This brings the total amount raised in the Series A funding round to $50.7 million. The equity round was led by BP Ventures and Green Frontier Capital, with participation from existing investors. The venture debt funding comes from Stride Ventures, Alteria Capital, BlackSoil, and UCIC.
BluSmart said that its EV ride-hailing platform aims to add 5,000 electric cars and scale up its EV Superhubs across the Delhi-NCR.
Started by Anmol Singh Jaggi and Punit K Goyal in 2019, BluSmart operates across Delhi NCR and claims to have completed 1.6 million zero-emission trips, covering 50 million km.
It also recently secured India’s largest EV financing of $35.7 million backed by IREDA.
BluSmart also continues to scale its service at the Delhi IGI Airport and now has a presence across all domestic and international terminals (T1, T2, and T3).
The company recently added long-range EVs and has started its all-electric intercity service for its customers to travel from Delhi-NCR to Jaipur and Chandigarh. It continues to scale its service at the Delhi airport and now has a presence across all domestic and international terminals.
Anmol Jaggi, Co-founder and CEO of BluSmart, said, “BluSmart has been able to scale 25x since launch backed by its founding tenets of innovative supply-side differentiation (backed by institutional EV financing), customer-centric business model (zero ride denials and zero surge pricing) and full-stack EV ecosystem approach (fully electric ride-hailing fleet backed by large scale EV infrastructure). BluSmart is creating inclusive and equitable economic opportunities for driver-partners who can drive and earn without the hassles of asset ownership.”
Anmol Jaggi further adds, “We continue to build the next generation EV ride-hailing service and EV charging infrastructure – making BluSmart India’s largest integrated and full-stack EV ecosystem solutions provider.”