Highlights
BluSmart’s Recent Funding Round
BluSmart’s board approved a special resolution in November of last year to issue 1,770,833 Series B CCPS at an issue price of Rs 2,400 each, aimed at raising Rs 425 crore or $50 million, as indicated by regulatory filings obtained from the Registrar of Companies.
The company has already acquired Rs 61 crore from 26 individual investors, with the rest anticipated to arrive shortly. As per the filings, both existing stakeholders and new investors are expected to play a role in this funding round.
This funding comes merely six months after closing a $24 million pre-Series B round. According to estimates by Startup Superb, post-allotment, the company’s valuation is projected to be approximately Rs 3,050 crore (around $363 million).
About BluSmart
Founded in 2019 by Anmol, Puneet Jaggi, and Punit Goyal, BluSmart operates on an on-demand model. Unlike traditional ride-hailing services such as Ola, Uber, and Rapido, BluSmart provides scheduled pick-ups and drops and operates a fully electric fleet.
Expansion Plans
This week, BluSmart officially expanded its all-electric ride-hailing services to Mumbai, covering prominent areas like Goregaon, Bandra, and the Bandra Kurla Complex (BKC), with additional citywide expansion plans in the pipeline.
Fleet and Operations
- BluSmart has a fleet exceeding 8,500 EVs.
- There are 5,800 charging stations in operation.
- The company has successfully completed 22 million rides.
- Current operations are based in Delhi, the surrounding regions of the National Capital Region (NCR), and Bengaluru.
Financial Performance
Punit Goyal recently reported that BluSmart achieved Rs 390 crore in revenue for FY24, compared to Rs 160 crore in FY23. However, the company has yet to submit audited financial statements for the previous two fiscal years.