BluSmart, an EV ride-hailing service and EV charging infrastructure network, is raising about $25 million in its pre-Series B funding round, according to BluSmart c0-founder Punit Goyal.
“The round will see participation from BluSmart founders, existing investors and external investors, including a global climate and infrastructure fund, some global leaders, leading family offices and some founders of India’s largest startups,” Goyal said.
The ongoing pre-Series B round is expected to close by the end of June.
Earlier in January, BluSmart had raised $25 million from Zurich-based impact asset manager responsAbility Investments AG. In December, the company raised $24 million (Rs 200 crore) in an equity round, which saw participation from existing investors, founders, and the leadership team.
Other investors in the company include BP Ventures, Survam Partners, Mayfield India Fund, 9Unicorns (now 100Unicorns), JITO Angel Network, Green Frontier Capital, Stride Ventures, Alteria Capital, and BlackSoil, and Ka Innovations LLP, the family office of Bollywood actress Deepika Padukone, among others.
Since its inception in 2019, BluSmart has steadily grown its fleet size and has a customer base in Delhi-NCR and Bangalore. BluSmart claims to have the largest EV fleet in South Asia of over 7,300 EVs. It also owns and operates 5,000 chargers across its 40 EV charging locations spread across 1.6 million sq feet in Delhi, NCR and Bangalore.
The company aims to reach 10,000 EV fleet by the end of 2024.
BluSmart is also looking to expand its wings in the global market. The company is looking to enter the Middle East market and is currently running a pilot in Dubai with some 100 Audi E-Tron SUVs and 130 drivers. The firm also plans to expand into Abu Dhabi later this year.
In April, the company announced that its annual run rate (ARR) grew 102% to touch $60 million (Rs 500 crore) in FY 24.
