EV startup BluSmart raises $25 mn in fresh funding round

The funding is a follow-up to the Series A round that closed in September 2021, bringing the total Series A investment to $50.7 million

AgenciesUpdated: Tuesday, May 24, 2022, 01:58 PM IST
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BluSmart said it has raised $25 million in the Series A1 round, comprising $15 million in equity capital and venture debt of $10 million. /Representative image |

Electric vehicle (EV) ride-hailing and charging startup BluSmart on Tuesday said it has raised $25 million (around Rs 194 crore) in a fresh funding round.

The funding is a follow-up to the Series A round that closed in September 2021, bringing the total Series A investment to $50.7 million.

The company said it has raised $25 million in the Series A1 round, comprising $15 million in equity capital and venture debt of $10 million.

The equity round was led by BP Ventures and Green Frontier Capital, with participation from existing investors.

The venture debt funding comes from Stride Ventures, Alteria Capital, BlackSoil and UCIC.

BluSmart said it plans to use the funds to scale up its all-electric ride-hailing fleet to over 5,000 EVs and expand its network of EV superhubs across Delhi-NCR.

''BluSmart has been able to scale 25x since launch, backed by its founding tenets of innovative supply-side differentiation (backed by institutional EV financing), customer-centric business model (zero ride denials and zero surge pricing) and full-stack EV ecosystem approach (fully electric ride-hailing fleet backed by large scale EV infrastructure),'' its Co-Founder and CEO Anmol Jaggi said in a statement.

BluSmart is creating inclusive and equitable economic opportunities for driver-partners who can drive and earn without the hassles of asset ownership, he added.

''We continue to build the next generation EV ride-hailing service and EV charging infrastructure – making BluSmart India's largest integrated and full-stack EV ecosystem solutions provider,'' Jaggi said.

(With PTI inputs)

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