BluSmart Mobility, India’s first and largest all-electric ride hailing service and electric vehicle (EV) charging infrastructure operator, bagged the ‘Young Turk Startup of the Year’ at the 19th edition of CNBC-TV18’s India Business Leader Awards (IBLA) held in Mumbai on December 2.
CEO Anmol Singh Jaggi founded the startup in January 2019, along with Punit Goyal, who serves as the Chief of Fundraising. Shortly afterwards, Tushar Garg, Chief Business Officer, Anirudh Jain, Chief of Operations, and Rishabh Sood, Chief Technology Officer, joined as co-founders.
Initially, the company began with 10 electric cars and two charging stations. Now, it operates nearly 6,000 cars in Delhi-NCR and Bengaluru, competing with firms like Ola and Uber. BluSmart prides itself on offering a superior customer experience, characterised by zero cancellations and no surge pricing. The company is dedicated to building a sustainable future and aims to redefine e-mobility as everyday mobility.
Since its founding, BluSmart has secured $109 million in equity and venture debt. Its prominent investors include BP Ventures, Survam Partners, 9Unicorn Fund, and Green Frontier Capital.
The company has also obtained asset financing of $150 million, supported by development finance institutions. This funding includes $35 million from the Indian Renewable Energy Development Agency (IREDA) and $77 million from the Power Finance Corporation (PFC).
Operating an all-electric cab fleet, BluSmart has reduced over 21,000 tonnes of carbon dioxide emissions, providing 10 million clean rides and covering more than 325 million kilometres. However, the company aspires to expand its impact. It is now exploring electric car manufacturing.
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