BluSmart CEO Anmol Jaggi told Reuters that the startup was expecting to finalise deals with impact funds and private equity investors by the next two months
Jaggi did not disclose the valuation at which the fresh funds are being raised but BluSmart has so far raised around $59 Mn in total
BluSmart plans to add over 5,000 electric cars to its fleet by the year-end
Electric ride-hailing startup BluSmart is reportedly close to raising $250 Mn from investors including BP Ventures.
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BluSmart CEO Anmol Jaggi told Reuters that the startup was expecting to finalise deals with impact funds and private equity investors by the next two months.
“BP Ventures already has a stake in BluSmart and will be one of the lead investors in this round as well,” Jaggi was quoted as saying. “Most of the other funding will come from global investors based in the U.S. and Europe.”
While Jaggi did not disclose the valuation at which the fresh funds are being raised, he noted that ride-hailing companies like BluSmart are typically valued at 15X-18X their annual revenue run rate.
Inc42 has reached out to BluSmart and would update the article if there is any addition.
BluSmart plans to buy more EVs and expand its charging infrastructure using the funds. It also looks to invest more in its technology and expand the service across more Indian cities.
BP Ventures has been associated with BluSmart Series A funding round. In September last year, BP Ventures led the startup’s $25 Mn Series A funding round.
In May this year, it raised $25 Mn in its follow-on Series A (Series A1) funding round in a mix of equity and debt. The equity round was co-led by BP Ventures and Green Frontier Capital, along with its other existing investors. BluSmart’s $10 Mn debt round was from investors including Stride Ventures, BlackSoil, and Alteria Capital, among others.
Back then, BluSmart planned to utilise the funding to expand its EV Superhubs across the Delhi NCR region and add more than 5,000 electric cars to its fleet by the year-end.
Based on all the data available, BluSmart’s total fundraising currently stands at around $59 Mn. Hence, once the $250 Mn round is closed, it would take the startup’s total fundraising amount to above $300 Mn.
Founded by Jaggi and Punit K Goyal in 2019, BluSmart offers electric mobility services, currently operating across the Delhi NCR region, it claims to have completed more than 1.6 Mn trips so far.
As per Jaggi’s latest statement to the news agency, BluSmart currently has a total of 13,500 electric cars on order with Tata Motors. Its fleet also includes electric vehicles (EVs) from MG Motors and others.
With India trying to boost the country’s EV ecosystem and the citizens also showing an inclination towards EV adoption, Indian EV companies across segments are getting major traction from India as well as foreign inventors.
Though funding in several other sectors seems to see a dip recently given various factors such as economic volatility and an impending global recession, the EV industry would not have to face any such adverse funding environment, as per industry experts.