New Delhi – In a groundbreaking achievement, BluSmart, the pioneering EV ride-hailing and charging provider, announced today that it has crossed the annual revenue run rate (ARR) of an impressive Rs 400 crore. Operating seamlessly in the bustling metropolises of Delhi-NCR and Bengaluru, BluSmart is not only redefining urban mobility but also pushing the boundaries of sustainability.
Key Highlights:
- Annual revenue run rate surpasses Rs 400 crore.
- Fleet size reaches an impressive 5,000 electric vehicles (EVs).
- A robust network of 3,900 EV charging points established across 32 strategically placed charging hubs.
- Recent funding round secures $42 million, highlighting investor confidence.
This remarkable achievement comes on the heels of BluSmart’s relentless dedication to providing clean, efficient, and convenient transportation solutions. With a fleet of 5,000 electric vehicles and an extensive network of 3,900 EV charging points strategically located across 32 charging hubs in Delhi-NCR and Bengaluru, BluSmart is making sustainable commuting a reality for thousands of people.
Anmol Singh Jaggi, the Co-founder and CEO of BluSmart, expressed his enthusiasm for the company’s phenomenal growth, stating, “The year has been a transformative one for us, accelerating our growth exponentially. Next year, we aim to grow even more rapidly. We’ve witnessed robust demand for our service, reaffirming the continued growth of electric mobility.”
BluSmart’s recent funding round, which raised a total of $42 million, has further solidified its position in the EV industry. This round included a substantial equity investment of $37 million, supplemented by $5 million in venture debt. What makes this achievement even more remarkable is that nearly 50 percent of this funding came from BluSmart’s founders and leadership team, with additional support from existing energy investors.
According to BluSmart, their app has been downloaded by over 2.4 million users, underlining the increasing popularity of their eco-friendly transportation solutions. Looking ahead, BluSmart has set ambitious goals for the future. They plan to expand their EV fleet to an impressive 10,000 vehicles by FY24, a testament to their commitment to sustainable urban mobility.
In terms of funding, BluSmart has raised a total of $109 million across various rounds, which includes a substantial equity raise of $85 million. Additionally, they have secured EV asset leasing of $150 million (Rs 1,200 crore) with the backing of esteemed Development Financial Institutions like PFC and IREDA, among others.
BluSmart’s journey is not just a success story; it’s a beacon of hope for a cleaner, greener future of urban transportation. With their continued commitment to innovation and sustainability, BluSmart is poised to shape the future of electric mobility in India and beyond. Stay tuned for more exciting developments from this trailblazing company.