BluSmart Raises $24 Million for EV Expansion

BluSmart, an innovative ride-hailing startup focused on electric vehicles (EVs), has successfully secured $24 million in a new funding round. This investment, led by existing backers, will fuel the company’s ambitious expansion plans, including building EV charging infrastructure and expanding its fleet. The company’s commitment to scaling operations and solidifying its presence in the competitive ride-hailing market is evident in this latest funding round.

BluSmart has demonstrated significant growth, reporting an annualized revenue run-rate (ARR) of Rs 550 crore. The company currently operates a fleet of 7,500 EVs and employs over 9,800 drivers nationwide. In the fiscal year 2023-24, BluSmart generated revenues of Rs 390 crore, a substantial increase from Rs 160 crore in the previous fiscal year. Co-founder Punit Goyal revealed the company’s ambitious goal of achieving profitability at the EBITDA level by March 2026.

BluSmart differentiates itself from rivals like Uber, Ola, Rapido, and Namma Yatri by owning or leasing its entire fleet of cars and charging stations. Furthermore, the company employs its drivers, ensuring a stable and motivated workforce. This strategic approach not only enhances the company’s control over its operations but also ensures a higher standard of service reliability and customer satisfaction. BluSmart’s growth trajectory and strategic initiatives reflect a robust response to the increasing demand for sustainable and eco-friendly urban transportation solutions.