BluSmart, the leading electric vehicle (EV) ride-hailing service in India and South Asia, announced on Monday that it has secured $24 million in a Pre-Series B funding round to expand its operations and improve its EV charging infrastructure across major Indian cities.
The investment round drew notable new investors such as responsAbility Investments AG, a leader in impact asset management, and Sumant Sinha, a prominent figure in the renewable energy sector. The MS Dhoni Family Office also participated, reflecting the cricket icon’s commitment to sustainable transportation.
Since its inception, BluSmart has grown exponentially, expanding its fleet from 70 EVs in January 2019 to 7,500 in Delhi NCR and Bangalore. The company has recorded over 500 million electric kilometers, completed more than 16 million electric trips, and saved nearly 40 million kilograms of CO2 emissions to date.
Punit Goyal, Co-Founder of BluSmart, stated, “Our latest fundraise of $24 million is a significant step in our journey to scale the eMobility fleet and EV Charging Infrastructure.” The company plans to use the new capital to build substantial EV charging assets and expand its presence in India’s urban centers.
BluSmart’s growth is also evident in its customer service achievements, with over 4 million app downloads and a 4.9/5 rating on both iOS and Android platforms, making it India’s highest-rated ride-hailing service.
Sameer Tirkar, Head of Climate Infrastructure Investments APAC at responsAbility Investments AG, stated, “BluSmart has pioneered the creation of a comprehensive EV ecosystem from scratch, revolutionizing traditional commuting methods while maintaining reliability and convenience.”
Sumant Sinha, founder of a leading decarbonization solutions company and a prominent figure in the renewable energy sector, commented, “Electric mobility is the future, and it is essential for the transition to cleaner, emissions-free transportation. India’s growing economy and favorable policies provide substantial momentum for this shift.”
Expressing enthusiasm about investing in BluSmart, cricket icon and former Indian captain Mahendra Singh Dhoni (MS Dhoni Family Office) said, “Investing in BluSmart’s sustainable business model is not just about supporting a company; it’s about being part of a movement that shapes the future of mobility.”
In addition to expanding its fleet, BluSmart operates India’s largest EV charging infrastructure, with 50 EV charging hubs over 2 million sq. ft. The newly launched ‘BluSmart Charge app’ offers public access to these hubs, ensuring a seamless and reliable charging experience.
The company has also secured long-term and sustainable EV asset financing of $200 million, backed by leading Development Financial Institutions (DFIs), reinforcing its commitment to a 100% emission-free future in line with India’s clean transport goals.
