BluSmart Mobility Set to Raise ₹425 Crore in Series B Funding

According to recent regulatory filings, EV ride-hailing service BluSmart Mobility is raising ₹425 crore ($50 million) in its Series B round. The Gurugram-based company's board approved the issuance of 17,70,833 Series B CCPS at ₹2,400 per share in November 2023.

The funding round has already secured ₹61 crore from 26 individual investors, with the remaining amount expected to close soon. This latest capital infusion comes just six months after the company's $24 million pre-Series B round. BluSmart's valuation is expected to reach approximately ₹3,050 crore ($363 million) post-allotment.

Founded in 2019 by Anmol and Puneet Jaggi along with Punit Goyal, BluSmart differentiates itself from competitors like Ola, Uber, and Rapido by operating an all-electric fleet with scheduled pick-ups and drops. The company has recently expanded its services to Mumbai, covering key areas such as Goregaon, Bandra, and the Bandra Kurla Complex (BKC).
The EV mobility startup has grown significantly, operating a fleet of over 8,500 electric vehicles and 5,800 charging stations. Having completed 22 million rides, BluSmart currently serves Delhi, the National Capital Region (NCR), and Bengaluru.

According to CEO Punit Goyal, the company's revenue has grown substantially, reaching ₹390 crore in FY24 compared to ₹160 crore in FY23. However, audited financial statements for the past two fiscal years are yet to be filed.
The fresh capital is expected to fuel BluSmart's expansion plans and strengthen its position in India's growing electric mobility sector.