BluSmart to Launch EV Ride-Hailing Service in Mumbai on New Year's Day

Electric vehicle ride-hailing platform BluSmart has announced its expansion to Mumbai, with services set to commence on January 1, 2024. The launch will initially be restricted to an invite-only group of users before opening to the general public.

"After months of dedication and hard work, we're excited to bring this dream to life in your city," the company announced in a social media post on X. This expansion marks BluSmart's third primary market entry after successful operations in Delhi NCR and Bengaluru.

Founded in 2019 by Anmol Jaggi and Punit K Goyal, BluSmart has built a significant presence in EV ride-hailing, with a fleet of 8,500 electric vehicles and 5,800 charging stations across its existing markets. The company reports having completed 21 million rides to date.

The expansion comes on the heels of significant financial milestones for the company. BluSmart recently announced that its asset-leasing initiative, Assure by BluSmart, has crossed INR 100 crore in book value. The program, which allows partners to purchase and lease electric cars to BluSmart for fixed monthly rentals, has seen a tenfold increase in monthly financing scale and is supported by more than 25 partners.
In July 2023, BluSmart secured INR 200 crore in a Pre-Series B funding round, with investments from responsAbility Investments AG, Sumant Sinha, the MS Dhoni Family Office, and its founders. The company has raised over $180 million, and BP Ventures and 100Unicorns are among its notable investors.

BluSmart's growth trajectory has been impressive, with its annual run rate increasing by 102% to surpass INR 500 crore in the last financial year. With its expansion into Mumbai, BluSmart represents a significant step in its mission to provide sustainable mobility solutions in India's major metropolitan areas.