BluSmart, an electric vehicle ride-hailing service and EV superhub start-up has closed its Series A1 round raising $25 million (Rs 194 crore) with $15 million in equity capital and $10 million in venture debt.
This the company says is a follow-up to its Series A round that was closed in September 2021, bringing the total of its Series A investment to $50.7 million (Rs 394 crore), which it claims is the largest in Series A fundraise in the ride-hailing and smart mobility space globally.
The equity round was led by BP Ventures and Green Frontier Capital with participation from existing investors. While the venture debt funding came from Stride Ventures, Alteria Capital, BlackSoil and UCIC.
BluSmart says the funds will be utilised to expand its all-electric ride-hailing fleet to more than 5,000 units and also scale up its network of EV Superhubs across the Delhi NCR.
Anmol Jaggi, co-founder and CEO, BluSmart said, “BluSmart has been able to scale 25x since launch backed by its founding tenets of innovative supply side differentiation (backed by institutional EV financing), customer centric business model (zero ride denials and zero surge pricing) and full stack EV ecosystem approach (fully electric ride-hailing fleet backed by large scale EV infrastructure). BluSmart is creating inclusive and equitable economic opportunities for driver partners who can drive and earn without the hassles of asset ownership.”