EV ride-hailing start-up BluSmart to raise $50M at $335M valuation
What's the story
Leading electric vehicle ride-hailing platform BluSmart is on course to raise $50 million in its latest funding round. The company's pre-money valuation for this round is pegged at an impressive $335 million. So far, BluSmart has raised half of the targeted amount and expects to close the round by next month, according to CNBC-TV18.
Investor profile
Diverse investor participation in BluSmart's funding round
The current funding round has seen participation from a mixed bag of investors. This includes existing backers, company promoters, high-net-worth individuals (HNIs), and a number of venture capital funds. The varied mix of participants highlights the increasing interest in BluSmart's pioneering electric vehicle ride-hailing services.
Growth trajectory
BluSmart reports strong annual revenue, expands operations
BluSmart has reported a strong annual revenue rate of $95 million (₹815 crore) for the fiscal year 2025. The company recently announced its expansion into Mumbai, marking yet another milestone in its growth journey. Initially, the services will be available through an invite-only system before it becomes widely accessible to all users.
Global reach
BluSmart's international presence and infrastructure
Apart from its domestic presence in Delhi-NCR, Bengaluru, and now Mumbai, BluSmart has also taken its services international. The company launched its first overseas service in the UAE in June 2024 with a premium all-electric limousine. This move highlights BluSmart's ambition to become a global player in the electric vehicle ride-hailing sector.
Infrastructure expansion
BluSmart boasts extensive EV charging infrastructure
BluSmart's EV charging infrastructure is massive, with 5,800 charging stations across 50 hubs in Bengaluru and Delhi NCR. The network covers over two million square feet and is backed by over 10,000 active driver partners. Founded in 2019, BluSmart has become South Asia's first and largest all-electric ride-hailing service. With a fleet of over 8,500 EVs, it has already completed over 21 million rides, traveling 680 million clean kilometers.