BluSmart, an electric vehicle ride-hailing company based in India’s capital, Delhi, has raised $25 million in a Series A funding round led by BP Ventures, at a time when the country’s EV sector is at an all-time high.
The round was attended by Mayfield India Fund, 9Unicorns, and Survam Partners, as well as other previous investors.
Within the next two years, the company plans to expand its fleet of electric vehicles and charging stations to five more Indian cities, expanding from its current headquarters in Delhi.
BluSmart is a ride-hailing service similar to Ola and Uber, but with the added benefit of running an all-electric fleet. As India’s first and largest integrated EV ride-hailing and charging company, it promises to provide safer, cleaner, and more sustainable mobility.
The absence of surge pricing is one of several important features that could help BluSmart outperform its competitors. Drivers will also be unable to refuse rides.
While this may give the impression that the ride hailing service is harsh on its drivers, it also has their best interests in mind, allowing them to avoid the financial burden of vehicle ownership by leasing vehicles to them and overseeing all vehicle maintenance.
The exceptional performance of Ola Electric and its latest scooters demonstrates that India’s EV sector is rapidly expanding. The company, which is now worth $3 billion, sold $150 million in scooters in just two days, claiming to sell four scooters every second in the first 24 hours.
As a result, at a time when interest in electric vehicles in India is at an all-time high, companies like BluSmart, which provide smart enhancements to existing popular solutions, have a real chance of making significant progress.
“We believe that electric mobility has enormous growth potential, driven in part by the increasingly favourable economics behind electric vehicles,” said Anmol Singh Jaggi, co-founder of BluSmart. With this in mind, we want to redefine ride-hailing with electric vehicles, and our consumer focus has already helped us establish a strong brand presence in our core market.
our vehicles have travelled over 21 million kilometres to date. This latest round of funding will help us expand as we collaborate with BP to help transform India’s high-polluting cities and redefine ride-hailing with electric vehicles.”