There are only a few startups that have companies of both Ratan Tata and Mukesh Ambani as its investors. One such lucky entrepreneur who’s startup has both the business tycoons in the investor board is BluSmart.
Mukesh Ambani and Tata Motors backed BluSmart has raised Rs 200 crore from existing investors and founders in the fresh equity round. Ratan Tata and Mukesh Ambani are among the most celebrated Indian industrialists across the globe. Both the billionaires are known for their business skills, wisdom and philanthropy. With stakes in several sectors, Mukesh Ambani and Ratan Tata are serial entrepreneurs who’s companies often invest in growing startups in which they see potential. There are several flourishing startups in the country that are backed by either of the industrialists, however, there are only a few startups that have companies of both Ratan Tata and Mukesh Ambani as its investors. One such lucky entrepreneur who’s startup has both the business tycoons in the investor board is BluSmart, a ride-hailing company founded by serial entrepreneur Anmol Singh Jaggi.
Currently operating in Delhi-NCR and Bengaluru, BluSmart is a growing rival of Ola and Uber. The ride hailing platform uses only electric vehicles, giving a much needed push to the EV infrastructure and adoption. The company has raised around Rs 900 crore so far and it aims to use the recently raised Rs 200 crore to build large-scale EV charging superhubs, enabling the expansion of its electric ride-hailing service.
“We will continue to expand our brand promise of zero ride denials, on-time service and clean mobility to more geographies. The overwhelming support for the rights issue by our investors and belief exhibited by leading development financial institutions (DFIs) shows exceptional confidence in our mission,” said Anmol Singh Jaggi, Co-Founder and CEO of BluSmart.
BluSmart has achieved a milestone of 5,000 electric vehicles. BluSmart has also crossed an annual revenue run rate (ARR) of Rs 400 crore. The company has also set up over 3,900 EV charging points across 32 charging hubs at key locations in two cities. It aims to increase its fleet size to 10,000 in FY24. As per Tracxn, BluSmart’s valuation is around Rs 2074 crore as of May 5, 2023.
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