BluSmart, an EV ride-hailing service and EV charging superhub infrastructure operator, has bagged $24 million (₹200 crore) in a fresh equity funding round from existing investors, founders and the leadership team.
The company is backed by the likes of BP Ventures, Survam Partners, Mayfield India Fund, 9Unicorns, Green Frontier Capital, Stride Ventures, Alteria Capital, and BlackSoil, among others. According to the company, the latest funding round was oversubscribed.
According to BluSmart, the funds will be used to fuel its expansion plans. The platform said it is looking to scale its fleet size to around 8,000 EVs across Delhi-NCR and Bengaluru by 2024. Currently, the platform operates over 5,500 electric vehicles in the domestic market. It owns and operates over 4,000 EV chargers across its 34 charging superhubs.
“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 kilometers and are playing a pivotal role in accelerating the EV adoption in India,” said Tushar Garg, CEO of BluSmart Charging business.
The EV startup said it has already secured long term and sustainable EV asset financing of approximately $200 million from Development Financial Institutions (DFIs).
“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,” added, Anmol Singh Jaggi, Co-founder and CEO of BluSmart.
BluSmart claims to have crossed $50 million in annual revenue run-rate and said it is growing at more than 100% year-on-year. While the company is yet to release its FY23 financials, in FY22, BluSmart reported an operating revenue of ₹29 crore up more than 200 percent from ₹9 crore reported the year before. The company however saw its net loss widen to more than 66 percent to ₹65 crore in FY22. As per the company, it is EBITDA positive and inching toward profitability soon.
(Edited by : Keshav Singh Chundawat)
First Published: Dec 21, 2023 4:33 PM IST
