Estimated Reading Time: 1 minutes
BluSmart, an electric ride-hailing service provider closes a Series A1 round of funding with $25 million. This is follow up to the series A round where it raised $50.7 million in September 2021.
The $25 million funding includes $10 million of venture debt from Stride Ventures, BlackSoil, Alteria Capital, and UCIC and $15 million of equity capital from existing investors, Green Frontier Capital, and BP Ventures.
BluSmart aims to utilize these funds to expand its electric vehicle network and have more than 5,000 electric vehicles across Delhi NCR. Recently, the company raised $35.7 million in funds from IREDA.
“BluSmart has been able to scale 25x since launch. BluSmart is creating inclusive and equitable economic opportunities for driver-partners who can drive and earn without the hassles of asset ownership,” Co-Founder and CEO, Anmol Jaggi said.
He added, “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.”