Electric Vehicle (EV) ride-hailing startup BluSmart Mobility is gearing up to secure $25 million in a Pre-Series B funding round. It will be raised at a valuation of $250 million. Regulatory filings reveal its board has approved the issuance of 10,92,890 pre-series B preference shares and each would be priced at INR 1,840.
BluSmart was founded in 2019 and its rival includes Ola, Uber, Rapido and Namma Yatri. It has operations only in Bengaluru and the National Capital Region (NCR). However, despite the limited geographical presence, it has made significant strides in the EV market.
Its list of investors includes BP Ventures, Survam Partners, Mayfield India Fund, 9Unicorns (now 100Unicorns), JITO Angel Network, Green Frontier Capital, Stride Ventures, Alteria Capital and BlackSoil. It is learned that the investors may participate in the upcoming funding round. The new funding push follows a $25 million investment from Swiss investment firm responsAbility earlier this year.
BluSmart reached a milestone of 7,000 EVs fleet in March and became the largest all-electric ride-hailing platform in South Asia. A month later it achieved an Annual Run Rate (ARR) of INR 500 crore. Its shows a 102% increase from the previous year. Its reported revenues were INR 390 crore in FY2024, which is a significant rise from INR 160 crore in FY23.
BluSmart is also expanding its operations. It is planning to increase its fleet to 10,000 electric cars by the end of the year. It is also preparing to step into the Dubai market. The launching may take place in the first week of June.
The rapid growth and ambitious expansion plans of BluSmart highlight its commitment to revolutionizing the ride-hailing industry with sustainable and electric mobility solutions.
