Jofie Yordan · · 2 min readIndia’s BluSmart banks $42m to deploy 10,000 EVs by 2024
Anmol Singh Jaggi, co-founder and CEO of BluSmart / Photo credit: BluSmart
The use of electric vehicles (EVs) is on the rise in various parts of the world, including India. In recent years, companies have been racing to accelerate the adoption of the electrified tech in the country.
BluSmart Mobility, for instance, provides a ride-hailing service with 3,500 EVs operating in Delhi and Bengaluru. The company is also developing an EV charging hub infrastructure.
BluSmart has raised new capital in a funding round from BP Ventures and other existing investors to expand its operations, including deeper penetration into megacities.
Funding details
- Funding amount: US$42,000,000
- Investors: BP Ventures, GetVantage, other existing investors
- Stage: Undisclosed
In a statement, the company said the round was a mix of US$37 million of equity and US$5 million of venture debt.
BluSmart said its monthly revenue has grown 3x over the last three quarters, but the firm didn’t provide details on the numbers. It aims to have 10,000 EVs by 2024.
Another Indian startup looking to make waves in the EV space is Kazam, which recently raised US$3.6 million in a round led by Avaana Climate Fund.
More details
BluSmart→The company was founded in 2019 by Punit K Goyal and Anmol Jaggi. |
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