BluSmart, an electric ride-hailing platform, has announced that it has raised $50 million, which it plans to use to purchase 5,000 more electric cars and expand its electric vehicle hubs. The funds raised are split between equity and venture debt. Reportedly, the company started its Series A round of funding in September 2021, which was then extended as Series A1. A total of $50.7 million was raised. In the Series A1 round, BluSmart got $25 million.
Furthermore, the financing was led by BP Ventures and Green Frontier Capital. BluSmart was previously funded by venture capital firms such as Inflection Point Ventures, Mumbai Angels Network, Venture Catalysts, JITO Foundation, and Hero MotoCorp. The venture debt capital was provided by Stride Ventures, Alteria Capital, BlackSoil, and UCIC. BluSmart claims that adding 5,000 electric vehicles to its 100 per cent electric ride-hailing fleet will allow it to extend its EV superhub network in the Delhi-NCR region.
In April 2022, the Indian Renewable Energy Development Agency Limited, India’s largest lender in the renewable energy industry, approved a loan of Rs 2.67 billion to BluSmart Mobility for the purchase of 3,000 all-electric automobiles in the Delhi-NCR region. BluSmart Mobility would use the new funds to purchase 3,000 all-electric vehicles, allowing the company to expand its EV fleet.