EV Ride-hailing Startup BluSmart Raises $25 Mn in Series A Round

BluSmart, an EV ride-hailing startup, has raised $25 million in its Series A round led by BP Ventures. Mayfield India Fund, 9Unicorns and Survam Partners along with existing investors have also joined the round.

BP Ventures has led the round by putting $13 million in the current round. This is the first investment in an Indian startup by the US-based venture capital firm. It has invested almost $800 million in more than 60 companies across seven geographies.

According to BluSmart, the fresh capital will be used to expand its fleet of electric vehicles and charging stations from its home city of Delhi to five additional Indian cities in the upcoming two years.

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Founded by Anmol Jaggi and Punit Goyal, BluSmart is an all-electric, shared, and smart mobility platform for ride-sharing, car-sharing, and scooter-sharing.

The startup claims that its business is growing quickly in Delhi NCR, which represents 20% of India’s mobility market, which BluSmart estimates has already saved over approximately 1,500 tonnes of CO2, with over 650,000 passenger trips completed to date.

Earlier in September, Jio-BP, the fuels and mobility joint venture between Reliance and BP, announced the partnership with BluSmart to set up a network of commercial large-scale EV charging stations. Jio-BP aims to set up these stations for passenger electric vehicles and fleets across the country.

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BluSmart through its all-electric fleet has been providing zero-surge and zero-tailpipe emissions ride-hailing services in the Indian capital.

Additionally, the company is also seeking to add diversity and inclusion in its operations. Back in June, the company announced its plans to take the number of women driver-partners on its platform to 500 in a year. The first batch of women drivers took to the wheels of BluSmart’s all-electric cabs on May 31, 2021, a statement said.

The women driver-partners are currently on board to drive from BluSmart hub at Delhi’s Indira Gandhi International Airport. The company will be offering these partners 8-hourly leases only during the daytime to ensure their safety.