BluSmart drivers / Photo credit: BluSmart
BluSmart, an India-based mobility company, aims to secure US$300 million over the next three years to expand its electric vehicle fleet to 25,000 – a move that can help it compete with rivals like Uber and Ola.
The firm, backed by BP Ventures, currently manages 7,500 cars and aims to increase this number to 13,000 by March next year, Bloomberg reported.
Unlike other players in India’s crowded EV scene, BluSmart does not build its own EVs. Its fleet is supplied by vehicle companies such as Tata Motors, BYD, SAIC’s MG Motor, and Stellantis NV’s Citroën.
BluSmart co-founder Punit Goyal told Bloomberg that a portion of the funds raised will be allocated to expanding the company’s operations beyond Delhi and Bengaluru.
Next month, BluSmart will launch in Dubai with roughly 100 Audi EVs. By December, it aims to have a fleet of 300 Audi and Tesla vehicles operating in the market.
BluSmart operates on a long-term lease model, setting it apart from rivals like Uber and Ola, which require drivers to own their cars. According to its website, BluSmart also allows customers to book a car for an up to 18-hour ride.
Goyal said that BluSmart prioritizes quality services over low-cost solutions. With this business model, its annual revenue is projected to hit US$110 million by March 2025.
The co-founder added that the firm is currently raising US$25 million, which includes investments from its founders, existing investors, family offices, and founders of other startups.
Editing by Miguel Cordon and Dhania Putri Sarahtika
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