Electric ride-hailing company BluSmart is set to raise $50 million in a new funding round. This will bring the company’s pre-money valuation to $335 million. According to a report by Inc42, BluSmart has already secured half of the targeted funds. The remaining amount is expected to be raised in the coming weeks.
The funding round includes contributions from existing investors, high-net-worth individuals, promoters, and a few venture capital firms. BluSmart plans to close the round by next month. This comes just six months after the company raised $24 million in a pre-Series B round.
Impressive Revenue Growth
Founded in 2019 by Anmol and Puneet Jaggi, along with Punit Goyal, BluSmart has shown significant growth. The company reported an annual revenue run rate of $95 million for the financial year 2025.
Co-founder Punit Goyal stated that BluSmart earned Rs 390 crore in revenue during the fiscal year 2024, up from Rs 160 crore the previous year. Although the company has yet to file audited financial statements for the last two years, its growth highlights the rising demand for electric ride-hailing services.
BluSmart’s business model is unique compared to traditional ride-hailing platforms like Ola and Uber. The company uses an all-electric fleet and offers scheduled pick-ups and drops.
Expanding into New Cities
This week, BluSmart officially launched its all-electric ride-hailing service in Mumbai. The service initially covers areas like Goregaon, Bandra, and the Bandra Kurla Complex. The company plans to expand its services across the entire Mumbai metropolitan area soon.
BluSmart already operates in Delhi, the National Capital Region (NCR), Bengaluru, and the UAE. In June 2024, the company launched a premium all-electric limousine service in the UAE, marking its first international expansion.
Growing Fleet and Charging Infrastructure
BluSmart has built an extensive fleet of over 8,500 electric vehicles and operates 5,800 charging stations across 50 hubs in Delhi NCR and Bengaluru. These hubs, covering more than two million square feet, support over 10,000 active driver partners.
The company has completed around 21-22 million rides so far, covering hundreds of millions of kilometers without emissions. BluSmart’s focus on sustainability and zero-emission rides has made it a popular choice for eco-conscious riders.
BluSmart’s rapid growth and continued expansion into new cities reflect its ambition to lead the electric ride-hailing market. With its unique model and focus on sustainability, the company is well-positioned to capitalize on the growing demand for eco-friendly transportation.
