BluSmart Secures $24 Million

In its most recent fundraising round, Gurgaon-based BluSmart, an electric ride-hailing firm, successfully collected close to $24 million (about Rs 200 crore). The company has already achieved major milestones with investment rounds in January of this year and 2023; this round represents even more achievement.

Details of the Funding Round

BluSmart has issued more than a million pre-series B preference shares at an issue price of Rs 1,830 per share, according to regulatory documents. The BluSmart founders, current investors, and outside investors—which include a worldwide climate and infrastructure fund, well-known international figures, eminent family offices, and the creators of the biggest businesses in India—have all participated in the investment round. By the end of next month, the round is anticipated to be over.

Investor Backing and Support

Prominent investors include BP Ventures, Survam Partners, Mayfield India Fund, and Green Frontier Capital are among those who have endorsed BluSmart. Prior fundraising rounds have also drawn investments from ResponsAbility, a climate finance firm located in Zurich.BluSmart is progressing toward global expansion in addition to its financial success, especially in the Middle East market. In Dubai, the company is presently running a test program with 130 drivers and 100 Audi E-Tron SUVs. BluSmart’s aggressive growth plan is being signaled by plans to extend operations to Abu Dhabi later this year.

Financial Performance and Revenue Growth

BluSmart has had strong financial performance, as seen by revenue exceeding Rs 390 crore in fiscal 2024, up from about Rs 160 crore in the year prior. The company’s ongoing growth trajectory is highlighted by its achievement of exceeding the Rs 500 crore mark in annualized revenue run rate (ARR).

Competition in the Ride-Hailing Space

BluSmart is up against established players in the market like Uber and Ola as well as more recent arrivals like Rapido and Namma Yatri. BluSmart works in two main cities, Bengaluru and the National Capital Region (NCR), and continues to carve out a position for itself in the competitive cab-hailing market, while being smaller in scale than Ola and Uber.

Navigating Growth Opportunities

BluSmart is committed to identifying opportunities in the dynamic ride-hailing market as it seeks new capital, broadens its global footprint, and boosts income. BluSmart has a clear plan for growing its business and is dedicated to innovation, which will help it maintain its position as a major player in the global mobility industry.

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Saiba Verma, an accomplished editor with a focus on finance and market trends, contributes to Atom News with a dedication to providing insightful and accurate business news. Saiba Verma analytical approach adds depth to our coverage, keeping our audience well-informed.