BluSmart secures $42 million for expansion of its EV fleet and operations

BluSmart Mobility announced a $42 million fundraising round in April 2023. It raised $37 million in venture capital and $5 million in venture debt. The energy investors participated in the investment round, with the BluSmart founders and leadership team contributing over 50 per cent.

In Delhi NCR and Bengaluru, BluSmart operates an all-electric ride-hailing fleet of 3,500 EVs. Its monthly revenue has tripled in the last three quarters. It intends to have 10,000 EVs in its fleet by fiscal year 2024.BluSmart stated that the cash generated will be utilised to grow electric vehicles (EV) fleet capacity to 10,000 vehicles over the following year.

Recently, Power Finance Corporation Limited, a Maharatna company and a leading Non-Banking Financial Company sanctioned a loan of Rs 6.33 billion to Gensol Engineering Limited. The loan intends to purchase 5,000 EVs and 1,000 cargo EVs. The passenger EVs will be leased to Blusmart Mobility Private Limited to expand its fleet of ride-hailing cabs.

In May 2022, BluSmart 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.