BluSmart Mobility, an Indian ride-hailing startup focused solely on electric vehicles (EVs), has secured a significant investment of $42m to expand its fleet and infrastructure. The funding round was led by BP Ventures, the investment arm of British oil and gas company BP, and included support from existing investors Mayfield India Fund, Survam Partners, and 9Unicorns. BluSmart aims to more than double its fleet and bolster its position in the Indian market with the cash injection.
BluSmart made headlines earlier this year when it signed an agreement with Tata Motors to buy up to 10,000 T EV sedans. The vehicles will be available for drivers to pick up at the company’s charging stations, which are set to become the largest network of EV charging super hubs in India. Anmol Singh Jaggi, BluSmart’s co-founder and CEO, said that the company was working towards creating “a large-scale integrated EV mobility ecosystem in India”.
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Unlike its competitors Uber and Ola, which have not committed to fully electrifying their fleets in India, BluSmart is betting on a fleet comprised entirely of EVs. The company also does not require drivers to own the vehicles, further setting it apart from its competitors. BluSmart has also started to explore electric car manufacturing in partnership with GenSol Engineering Ltd., according to local media.
The $42m funding round will also help BluSmart expand beyond its current operating areas of Delhi and Bangalore, with plans to enter more markets. The company has already raised $109m across its seed and Series A rounds, with BP Ventures leading both. After the latest funding round, BP Ventures now holds a 20% stake in BluSmart, which is valued at $250m.
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BluSmart’s approach appears to be paying off, as the company’s revenue has tripled in the last three quarters, according to the funding announcement. With the latest investment, BluSmart is set to further cement its position as a leader in India’s rapidly growing EV ride-hailing market.
