Blusmart Mobility Raises $42 Million To Accelerate EV Fleet Expansion

BluSmart Mobility declared that they have raised $42 million during the latest funding round in April 2023. Over the last few months, they have been rigorously expanding their operation to attain the zero-emission mobility goal. They aim to increase their fleet size from 3,500 EVs in Delhi NCR and Bengaluru to 10,000 EVs by FY24 in megacities. 

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The funding round included an equity raise of $37 million and venture debt of $5 million, with around 50% of the round being subscribed by the founders and leadership team, along with existing energy investors. Over the last three quarters, BluSmart has tripled its revenue and they plan to penetrate deeper into megacities by expanding the fleet capacity.

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BluSmart co-founder and CEO Anmol Singh Jaggi stated that even though electrification of public transportation is inevitable there are certain challenges to be addressed along the way. BluSmart plans to tackle these challenges with a full-stack approach that includes a born-electric tech stack and complete control over EV charging infrastructure.

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BluSmart also raised $109 million across the Seed to Series A2 round that comprises equity of $85 million. Another asset leasing received is $150 million backed by Development Financial Institutions like PFC and IREDA, among others.