India’s BluSmart raises $24m to develop large-scale EV charging hubs

Anmol Singh Jaggi, co-founder and CEO of BluSmart Mobility / Photo credit: BluSmart

Unlike other players in India’s crowded EV scene, BluSmart Mobility does not build its own electric vehicles. Instead, the company is a ride-hailing firm that leases EV models like the Tata e-Tigor, MG ZS, and Hyundai Kona to be part of its 5,500-strong fleet.

But an equally important of BluSmart’s business is its charging infrastructure division.

“EV charging infrastructure is the biggest bottleneck for large-scale EV adoption and is also the single largest opportunity,” Tushar Garg, CEO of BluSmart Charging, said in a statement. “Cities have challenges with finite prime locations and lack of adequate power load.”

BluSmart Mobility recently raised US$24 million in a new funding round to develop large-scale EV charging hubs, which will help expand its electric ride-hailing service. Participants in the round include the company’s leadership team as well as undisclosed existing investors and startup founders.

In addition to its ride-hailing fleet, the company also owns and operates more than 4,000 BluSmart EV chargers across 34 EV charging hubs.

Founded in 2019, BluSmart Mobility said it breached US$50 million in annual revenue run rate and is growing at over 100% year on year. It aims to scale to nearly 8,000 EVs across Delhi NCR and Bangalore by next year.

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This is BluSmart’s second funding round this year. In May, it raised US$42 million from BP Ventures, GetVantage, and other existing investors to expand its operations and extend its reach into India’s megacities.