BluSmart Achieves Rs 400 Crore Annual Revenue Run Rate; Plans Rapid Expansion In Electric Mobility Segment

A file photo of BluSmart Mobility's electric vehicle

BluSmart, a provider of electric vehicle (EV) ride-hailing and charging services, announced that it has surpassed an annual revenue run rate of Rs 400 crore.

Operating in Delhi-NCR and Bengaluru, BluSmart has achieved a significant milestone by deploying 5,000 electric vehicles (EVs) and establishing more than 3,900 EV charging points at 32 charging hubs strategically located in these two cities.

Anmol Singh Jaggi, Co-founder and CEO of BluSmart, expressed, “This year has marked a period of significant transformation and rapid growth for us. We are committed to sustaining this momentum and expect to continue expanding rapidly in the coming year. The robust demand for our services underscores the ongoing growth of electric mobility.”

Recently, BluSmart secured $42 million in funding, consisting of a $37 million equity round and $5 million in venture debt. Notably, nearly half of this funding was contributed by the company’s founders and leadership team, with participation from existing energy investors. BluSmart also reported that its mobile app has been downloaded by over 2.4 million users.

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The company has ambitious plans to operate 10,000 EVs in FY24. In total, BluSmart has raised $109 million through various funding rounds, which includes an $85 million equity raise.

Additionally, it has secured $150 million in EV asset leasing, backed by Development Financial Institutions such as PFC and IREDA, among others.

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