BluSmart is a growing rival of Ola and Uber. With an aim to boost its battery charging infrastructure, the startup has now received Rs 2000000000 funding in a fresh round.
Mukesh Ambani and Ratan Tata are two of the biggest industrialists in India. The billionaires are known for their vision, mindset and business skills. Mukesh Ambani’s Reliance Industries and Ratan Tata’s Tata Motors are big names in the Indian startup sector and the companies are known for backing emerging startups. Although both the companies have invested in a range of companies, there’s one startup that is backed by both Reliance Industries and Tata Motors. The startup we are talking about is ride hailing platform BluSmart. Currently operating in Delhi-NCR and Bengaluru, BluSmart is a growing rival of Ola and Uber. With an aim to boost its battery charging infrastructure, the startup has now received Rs 2000000000 funding in a fresh round. As per a report by TechCrunch, the company has raised Rs 2000000000 from Switzerland-headquartered impact fund ResponsAbility.
For those who are unaware, BluSmart uses only electric vehicles, giving a much needed push to the EV infrastructure and adoption. The company has raised around Rs 1100 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.
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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