Ride-hailing startup BluSmart to raise INR 200 crore in new funding – ET Auto

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BluSmart CEO and cofounder Anmol Singh Jaggi

Electric ride-hailing startup BluSmart is raising INR 200 crore (USD 24 million) through a funding round, according to regulatory filings.

The Gurgaon-based company has issued more than 1 million pre-series B preference shares at an issue price of INR 1,830 each, according to regulatory filings made by the firm with the Registrar of Companies.

“The (funding) round is seeing participation from BluSmart founders, existing investors and external investors, including a global climate and infrastructure fund, some global leaders, leading family offices, and some founders of India’s largest startups,” cofounder Punit Goyal said. The round is expected to close by the end of next month.

Blusmart is backed by investors like BP Ventures, Survam Partners, Mayfield India Fund and Green Frontier Capital, among others.

The firm had raised USD 25 million in a mix of debt and equity in January this year from Zurich-based climate finance firm ResponsAbility. In 2023, the firm had conducted two funding rounds totalling about USD 66 million, including a rights issue later in the year that saw its founders increase their stake.

The latest funding was first reported by news portal Inc42.

BluSmart is also expanding to the Middle East market and is currently running a pilot in Dubai with some 100 Audi E-Tron SUVs and 130 drivers, Goyal said. The firm plans to expand into Abu Dhabi later this year.

The company posted more than INR 390 crore in revenue in fiscal 2024, compared with about INR 160 crore in FY23, Goyal had told ET in April. The firm has also crossed INR 500 crore in annualised revenue run rate (ARR), he had said.

BluSmart competes with Uber and Ola, as well as new entrants like Rapido and Namma Yatri in the cab-hailing space. It is much smaller compared with Ola and Uber and operates only in two cities–Bengaluru and the National Capital Region.

  • Published On May 24, 2024 at 08:32 AM IST

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