EV cab aggregator BluSmart is likely to turn profitable in the next five to six quarters, according to the guidance given by its management recently to a group of investors.
According to sources, the company met around 160 investors on Sunday to discuss its growth trajectory and financial updates.
The updates suggested that the company’s annual run rate has touched $90 million, and its gross business value rose around 127% year-on-year to Rs 376 crore in 2023-2024. In FY25, it is likely to jump another 70% to Rs 640 crore.
The company’s fleet size has touched 8,685 as of January 31, nearly 51% higher than 5,755 last year. Moreover, during April-January, its gross fare per trip has jumped 13% to Rs 525 from Rs 463 last year.
During the festive quarter of October-December, the average gross fare touched Rs 550 per trip.
The company’s gross revenue during the ten months has also increased 72% to Rs 513.86 crore, the update showed. In the October- December quarter alone, it was Rs 175.54 crore.
In February, BluSmart had reportedly defaulted on Rs 30 crore, secured via non-convertible debentures. It made a delayed payment at the end of the month, against the due date of February 3.
In the update, the company said it is in the middle of raising Rs 425 crore in a Series B round. Out of the total, it has already received Rs 300 crore. For the rest, it has received commitments.
“We have clarified the NCD delay to all our potential investors, bankers pro-actively. There are some concerns from new investors and hence we expect more time to close the fundraise,” it said.
The financials showed that the Gurugram-based company has raised around Rs 985 crore from investors till date. Out of this, the outstanding debt as of March 9 now stands at Rs 240 crore.
The company is betting on its premium offering to drive growth. According to the guidance, from 9% in FY24, the share of this business is likely to jump to 40% by the end of FY26.
Moreover, as the density of its cabs increase, 50% of the demand is likely to come from on-demand trips. The company initially offered only scheduled rides. However, recently it has launched on-demand trips with limited availability as compared to its peers.
