All-electric ride hailing platform, BluSmart, has announced raising a pre-series A round funding of Rs 51 crore. The company has said that the funds will be used to expand the number of cars on the platform, set up charging infrastructure, technology improvements and expand the geographical reach. A year ago, in September 2019, the company had raised over ₹ 22 crore in seed funding, and now, after the latest investment, the BluSmart is also in discussions to raise venture debt. BluSmart says that the fresh round of funding comes from various investors including Inflection Point Ventures, Venture Catalysts, Survam Partners, Mumbai Angels, Chhatisgarh Investments Ltd., JITO Angels, Lets Venture Fund and Kaplavriksh Fund.
Commenting on the recent development, Punit K Goyal, Co-founder, BluSmart Mobility said, "Electric mobility is the next big thing in India. BluSmart aims to improve the status of commuting and curbing the burden on environment caused due to transport running on fuel combustion. We are also looking at augmenting the EV uptake by expanding fast electric car charging infrastructure for an easy charging practice."
Investor Mitesh Shah, Co-Founder, Inflection Point Ventures said, "IPV, with its vast Investor base of CXOs from diverse industries including EV, automotive and BFSI, will help BluSmart in growing its fleet economically as well as expand its network exponentially." On the other hand, another investor, Apoorv Ranjan Sharma, President & Co-Founder, Venture Catalysts said, "We are optimistic that our investment will help the startup embark on its next phase of growth and change the dynamics of EV infrastructure in the country. Also, our association with BluSmart is one step ahead with the government of India, that is currently looking to promote electric mobility as one of the key solutions to reduce carbon emission."
BluSmart is the country's first all-electric, on-demand ride-hailing mobility platform, and currently operates only in Delhi-NCR. The company recently expanded its cab service withing Delhi city, which was earlier limited to Gurugram. BluSmart claims to offer affordable, safer, smarter, and sanitised electric cabs to its customers, building on the USP being a Zero Emission mobility solution provider. Recently, it also launched BluSmart Hourly Rentals product - customers can travel anytime, anywhere and everywhere in Delhi and Gurgaon with multiple stops.
Right now, BluSmart has more than 350 all-electric cabs in the Delhi-NCR area, and it plans to add thousands of electric cars and hundreds of charging stations on its all-electric ride-sharing platform in 2021. Since its inception, the company has completed over 50 lakh zero-emission kilometres with more than 2 lakh rides. BluSmart says that so fat, it had helped save over 3.75 lakh Kg of CO2 emission.