BluSmart, a ride-hailing company that uses electric vehicles, announced that it had raised an additional $42 million to help it compete with Ola Cabs, Uber, and other similar companies.
BluSmart’s most recent funding round included $37 million in equity and venture debt of $5 million. Existing investors of the company, such as BP Ventures which owns 20% equity, participated in the round. The BluSmart founders, and the leadership team of BluSmart, contributed almost 50% to the round.
The funds will be used by BluSmart to expand its operations in Delhi NCR, as well as Bengaluru. In FY24, the company plans to increase its fleet from 3,500 EVs to approximately 10,000.
Tushar Garg, co-founder and chief business officer of BluSmart said, “While BluSmart’s people mission is to provide inclusive and equitable opportunities for our driver-partners, BluSmart is focused on making EVs a reality in ride-hailing. We are focused on profitability and sustainability with a greater purpose to accelerate EV use and reverse climate changes.”
BluSmart has recently secured the largest EV Asset Financing in India backed by Power Finance Corporation, which will add 5000 EVs BluSmart’s expanding fully-electric ride-hailing fleet.