In a significant development for India’s electric mobility sector, BluSmart, the electric vehicle ride-hailing platform, is raising $50 million in its Series B funding round at a pre-money valuation of $335 million. The company has already secured half of the targeted amount, with the complete round expected to close by next month.
The funding round has attracted a diverse group of investors, including existing backers such as responsAbility Investments AG, BP Ventures, and notable additions like the MS Dhoni Family Office. The round also sees participation from high-net-worth individuals (HNIs), family offices, and new venture capital funds, demonstrating strong investor confidence in BluSmart’s business model.
BluSmart’s impressive growth trajectory is reflected in its financial performance, with the company reporting an annual revenue rate of $95 million (INR 815 crore) for FY25. This represents a substantial increase from its FY23 revenue of INR 160 crore, showcasing the rapidly growing demand for electric mobility solutions in India’s metropolitan areas.
The company’s expansion has been particularly noteworthy, with operations now spanning across Delhi NCR, Bengaluru, Mumbai, and even extending internationally to Dubai. BluSmart’s infrastructure includes over 8,500 electric vehicles and a robust charging network comprising 5,800 stations across 50 hubs, covering more than 2 million square feet.
“BluSmart’s commitment to sustainable mobility solutions aligns perfectly with India’s push toward electric vehicle adoption,” said Anmol Jaggi, co-founder of BluSmart. “This funding round will enable us to further expand our fleet and charging infrastructure, making electric mobility more accessible to urban commuters.”
The company’s innovative asset-leasing initiative, Assure by BluSmart, has also shown remarkable success, crossing INR 100 crore in book value within its first year of launch. This achievement underscores the viability of alternative business models in the electric mobility sector.
For Tamil Nadu’s startup ecosystem, BluSmart’s successful funding round sets an important precedent. The state, known for its strong automotive manufacturing base, has been actively promoting electric vehicle adoption and supporting startups in the mobility sector. BluSmart’s success could potentially pave the way for similar ventures in Tamil Nadu, particularly given the state’s strategic advantages in terms of industrial infrastructure and skilled workforce.
The funding also highlights the growing investor interest in sustainable transportation solutions, particularly in tier-1 cities. With Tamil Nadu’s capital Chennai being a major metropolitan center, the success of BluSmart’s model could accelerate the adoption of electric mobility solutions in the region.
This latest funding round, bringing BluSmart’s total equity funding to $136 million, positions the company for continued expansion and innovation in the electric mobility sector. As cities across India grapple with air pollution and seek sustainable transportation alternatives, BluSmart’s growth story offers valuable insights for emerging startups in the electric vehicle ecosystem.
