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BluSmart Charges Forward with $25M Boost from ResponsAbility: Accelerating India's EV Revolution

BluSmart Mobility has secured $25 million in funding from ResponsAbility, a Swiss-based investor, in a mix of equity and debt. This investment adds to the $24 million raised in December, primarily from existing investors, founders, and the leadership team. Overall, BluSmart has now raised nearly $160 million, including a $42 million funding round in May the previous year. Additionally, the company has obtained $200 million in long-term, sustainable EV asset financing supported by prominent Development Financial Institutions (DFIs).

The fresh capital infusion will be utilized by BluSmart to expand its EV charging infrastructure across India, as stated in a press release by the company. Currently, BluSmart operates 6,000 EVs and claims to have completed over 11 million all-electric trips. It also manages 4,000 EV chargers across 35 locations spanning 1.4 million sq. feet in Delhi NCR and Bengaluru.

Recently, BluSmart introduced a new pricing structure, termed "rush hour pricing," which consists of two tiers – 'rush hours' and 'relaxed hours.' This pricing model took effect from January 8, 2024.

BluSmart reports crossing $50 million (over Rs 400 crore) in annual revenue run-rate and achieving over 100% year-on-year growth. While the company's FY23 results are pending, its scale surged by 222% to Rs 29 crore in FY22, driven by revenue from both cab operations and charging facilities. However, losses also widened by 66% to Rs 65.4 crore during the same period


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