BluSmart Mobility is an innovative EV ride-hailing and charging infrastructure firm that is reportedly raising ₹425 crore or roughly $50 million for its Series B funding round. This is the second time, in the past six months, that the company based in Gurugram sought funding, testifying to rapid growth and its plans to grow further in a booming EV market.
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As reported in regulatory filings obtained from the Registrar of Companies, the company’s board approved the issuance of 1,770,833 Series B Compulsorily Convertible Preference Shares (CCPS) at an issue price of ₹2,400 each. So far, BluSmart has raised ₹61 crore from 26 individual investors and is likely to receive the remaining amount of funding from existing investors and new participants in the coming weeks.
This funding round is after the completion of a very successful pre-Series B round worth $24 million just six months ago. This allotment takes BluSmart’s valuation to about ₹3,050 crore, or approximately $363 million, putting it back on top in a crowded EV sector.
Blusmart was founded in 2019 by Anmol Jaggi, Puneet Jaggi, and Punit Goyal. BluSmart is an on-demand ride-hailing company with on-board differentiated pick-ups and drops. Apart from scheduled pick and drop, the company only provides its rides in electric vehicles. The company has over 8,500 EVs and 5,800 charging stations available for its customers as of now.
BluSmart is launching its all-electric ride-hailing services in Mumbai, starting services in key locations such as Goregaon, Bandra, and the Bandra Kurla Complex (BKC). This marks the company’s efforts to grow further in large Indian cities after the success of operations in Delhi, the National Capital Region (NCR), and Bengaluru.
BluSmart has witnessed incredible revenue growth; it made ₹390 crore in revenue in the fiscal year that ended in 2024, compared with ₹160 crore in 2023. It hasn’t submitted audited financial statements for the last two fiscal years either, which might further reveal details about its health and operational efficiency.
The growing demand for sustainable transportation solutions is driving BluSmart’s growth as consumers increasingly seek eco-friendly alternatives to traditional ride-hailing services. With the Indian government’s push towards electric mobility and the establishment of favorable policies for EV adoption, BluSmart is well-positioned to capitalize on these trends.
Bluming in the on-going Series B funding round $50 million, BluSmart Mobility’s endeavor showcases its robust growth trajectory along with its promise to revolutionize the EV ride-hailing sector of India. Being well-equipped with a strong business model, sizeable EV fleet, and also expanding into other markets, BluSmart is here to make the transition towards India’s sustainable transport possible. With this innovativeness as the foundation to continue its advancement, the organization is targeting establishment as a future leader in this electric mobility landscape into a greener future for transport in urban hubs.
