BluSmart is an electric mobility startup that offers EV ride-hailing and charging services
BluSmart Mobility Tech Pvt., an electric mobility startup based in Delhi NCR, has raised $25 million in a fresh equity and debt round from ResponsAbility Investments AG, a Switzerland-based global climate fund. The startup plans to use the funds to expand its electric vehicle (EV) charging infrastructure across India and increase its fleet size to 15,000 cabs by 2025.
BluSmart was founded in 2019 by Anmol Jaggi and Punit K Goyal, with a vision to provide clean and affordable mobility solutions to urban commuters. The startup operates a fleet of 6,000 cabs in Delhi NCR and Bengaluru, with 35 EV charging stations. Unlike its competitors Uber and Ola, BluSmart only offers EV rides with scheduling in advance, as it requires more EVs and charging points to enable on-demand service.
BluSmart aims to become the largest EV charging network in India
BluSmart claims to be the first and only all-electric mobility service provider in India, with a zero-emission and zero-surge pricing model. The startup says it has completed over 3 million rides and saved over 4,000 tonnes of carbon dioxide emissions since its inception.
With the new funding, BluSmart aims to become the largest EV charging network in India, with over 500 charging stations and 15,000 charging points by 2025. The startup also plans to enter new markets such as Mumbai, Pune, Hyderabad, Chennai, and Kolkata, and offer its charging services to other EV owners and operators.
BluSmart’s co-founder and CEO, Anmol Jaggi, said, “We are delighted to partner with ResponsAbility, a leading global climate fund, to accelerate the adoption of electric mobility in India. We believe that EVs are the future of mobility and we are committed to providing clean, convenient, and cost-effective transportation solutions to our customers.”
ResponsAbility is a global impact investor that focuses on climate finance
ResponsAbility Investments AG is a global impact investor that manages over $4 billion of assets in emerging markets, with a focus on climate finance. The fund invests in sectors such as renewable energy, energy efficiency, sustainable agriculture, and financial inclusion.
ResponsAbility’s Senior Investment Officer, Akshay Grover, said, “We are excited to support BluSmart, a pioneer in electric mobility in India, with our investment. BluSmart has a strong value proposition that aligns with our mission of financing sustainable development and mitigating climate change. We look forward to working with the BluSmart team to scale up their impact and create a positive change in the Indian mobility sector.”
BluSmart has raised over $50 million in funding so far
BluSmart’s latest funding round comes just days after it raised $24 million (INR 200 crore) in a fresh equity funding round, which saw participation and over-subscription from its existing investors, founders, and leadership team. The startup has raised over $50 million in funding so far, from investors such as Inflection Point Ventures, Venture Catalysts, LetsVenture, Micelio, and Survam Partners.
BluSmart is one of the leading players in the electric mobility space in India, which is expected to grow rapidly in the coming years, driven by the government’s policies, consumer awareness, and environmental concerns. According to a report by Avendus Capital, the Indian EV market is projected to reach $206 billion by 2030, with over 100 million EVs on the road.