BluSmart's Electric Rise: A Funding Journey
May 24, 2024, 9:35 am
Location: India, Haryana, Gurugram
Employees: 51-200
Founded date: 2019
Total raised: $415.04M
BluSmart, the EV ride-hailing service and EV charging superhub operator, is on a funding rollercoaster, aiming to raise a whopping $24 million in a pre-Series B round. The company's board has given the green light to issue nearly 11 lakh pre-Series B preference shares at a price of Rs 1,840 each, all in the pursuit of raising Rs 200 crore. With existing investors likely to hop on board, BluSmart is gearing up for a capital-intensive journey to meet its corporate needs.
The latest funding round, led by a slew of investors including BP Ventures, Survam Partners, and Mayfield India Fund, marks another milestone in BluSmart's financial saga. The company, founded in 2019 to disrupt the on-demand market dominated by Ola and Uber, has been steadily expanding its electric fleet and charging infrastructure. With over 4,400 EV chargers across 36 superhubs and 7,000 electric vehicles in its fleet, BluSmart is making waves in the electric mobility space.
But the funding frenzy doesn't stop there. BluSmart's leadership team chipped in 50% of the $42 million raised last year, followed by additional rounds of $24 million and $25 million. The company's revenue has seen a significant jump from Rs 160 crore in FY23 to Rs 390 crore in FY24, showcasing its rapid growth and market traction.
As BluSmart gears up for its Dubai launch and continues to revolutionize the electric mobility landscape, its funding journey serves as a testament to its vision and determination. With a focus on sustainability and innovation, BluSmart is paving the way for a greener, more efficient future in the world of transportation.
The latest funding round, led by a slew of investors including BP Ventures, Survam Partners, and Mayfield India Fund, marks another milestone in BluSmart's financial saga. The company, founded in 2019 to disrupt the on-demand market dominated by Ola and Uber, has been steadily expanding its electric fleet and charging infrastructure. With over 4,400 EV chargers across 36 superhubs and 7,000 electric vehicles in its fleet, BluSmart is making waves in the electric mobility space.
But the funding frenzy doesn't stop there. BluSmart's leadership team chipped in 50% of the $42 million raised last year, followed by additional rounds of $24 million and $25 million. The company's revenue has seen a significant jump from Rs 160 crore in FY23 to Rs 390 crore in FY24, showcasing its rapid growth and market traction.
As BluSmart gears up for its Dubai launch and continues to revolutionize the electric mobility landscape, its funding journey serves as a testament to its vision and determination. With a focus on sustainability and innovation, BluSmart is paving the way for a greener, more efficient future in the world of transportation.