BluSmart, an innovative ride-hailing startup that exclusively utilises electric vehicles (EVs), has successfully raised $24 million (approximately Rs 200 crore) in a new funding round. This investment was led by existing backers, including Zurich-based climate finance firm ResponsAbility Investments, cricketer MS Dhoni’s Family Office, and ReNew founder Sumant Sinha.
The latest capital injection is set to fuel BluSmart’s ambitious expansion plans, particularly in building EV charging infrastructure and enhancing its fleet of electric vehicles. The company, in a statement, emphasised its commitment to scaling operations and solidifying its presence in the competitive ride-hailing market. The Economic Times had previously reported on the funding round on May 23, citing regulatory filings. Official APAC expressed enthusiasm for the continued partnership with BluSmart. “We are happy to continue our partnership with BluSmart through our second round of funding. BluSmart has been able to lead the way in building from the ground up an entire EV ecosystem to disrupt the conventional modes of commute without compromising on reliability and convenience,”
BluSmart has demonstrated significant growth, reporting an annualised revenue run-rate (ARR) of Rs 550 crore. The company currently operates a fleet of 7,500 EVs and employs over 9,800 drivers nationwide. In the fiscal year 2023-24, BluSmart generated revenues of Rs 390 crore, a substantial increase from Rs 160 crore in the previous fiscal year. Co-founder Punit Goyal revealed that the company aims to achieve profitability at the EBITDA level by March 2026. In the highly competitive cab-hailing sector, BluSmart distinguishes itself from rivals such as Uber, Ola, Rapido, and Namma Yatri by owning or leasing its entire fleet of cars and charging stations. Furthermore, BluSmart employs its drivers, who receive a combination of fixed salaries and performance-based incentives, ensuring a stable and motivated workforce.
This strategic approach not only enhances the company’s control over its operations but also ensures a higher standard of service reliability and customer satisfaction. BluSmart’s growth trajectory and strategic initiatives reflect a robust response to the increasing demand for sustainable and eco-friendly urban transportation solutions.
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