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  • Writer's picturePooja

BluSmart the EV Mobility Startup raise funding of Rs200 Crores ($24 million) from existing investors

Updated: Dec 26, 2023


BluSmart Mobility, an EV ride-hailing service and EV charging superhub infrastructure operator, has raised $24 million (Rs 200 Crores) in a new equity from their existing investors , founder and leadership team with a good participation and over subcriptions. The name of investors participating in the latest financing are not disclosed, it is backed by BP Ventures, Survam Partners, Mayfield India Fund, 9Unicorns, Green Frontier Capital, Stride Ventures, Alteria Capital, and BlackSoil, among others. Ritenow company owns and operate more than 4000 Ev chargers. Ride-hailing company says it aims to have a fleet of 8,000 EVs in Delhi and Bangalore by next year from this funding. "It has been a landmark year for BluSmart with great achievements like the historic milestone of completion of 10 million electric trips and key industry recognitions."Further he added that “We will continue to expand our brand promise of zero ride denials, on time service and clean mobility to more geographies said Anmol Singh Jaggi, co-founder and CEO of BluSmart in a statement.

BluSmart separately secured long-term and sustainable EV asset financing of $200 million (Rs 1,660 crore) backed by the Development Financial Institutions (DFIs). BluSmart has also reported that it has crossed $50 million (Rs 400 crore approximately) in annual revenue run-rate and is growing at more than 100% YOY and in FY 22 the revenue in terms of percentage has increase around 222%. Cabs and charging facilities were two sources of revenue for the company in the said fiscal year. According to startup data intelligence platform TheKredible, the firm’s losses also grew 66% to Rs 65.4 crore during the period.

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