BluSmart will utilize the freshly infused capital to expand its fleet of EVs and charging stations to 5 Indian cities in the next two years, furthering its growth and enabling it to become a leader in India’s mobility market.
Mumbai Angels Network, a premium startup investment platform for early-stage venture investments, has observed a valuation uptick for its investors from BluSmart, an integrated EV ride-hailing and charging startup that has raised USD 25 million as a part of its Series A round. The funding round was led by BP Ventures, the venture capital firm of multinational oil and gas company BP and also saw the participation of Mayfield India Fund, 9Unicorns, and Survam Partners, alongside other existing investors. BluSmart will utilize the freshly infused capital to expand its fleet of EVs and charging stations to 5 Indian cities in the next two years, furthering its growth and enabling it to become a leader in India’s mobility market.
Speaking on the surge in valuation, Ms. Nandini Mansinghka, Co-Founder & CEO – Mumbai Angels Network, said, “India’s EV market is rapidly growing and has immense potential and opportunities for players in the industry to seize. BluSmart has truly established its presence in the EV sector. The company has been extremely capital efficient and has a high potential to grow and scale further to become an industry leader. We are pleased that their recent capital infusion has increased the valuation for our investors, and we are confident that this funding will enable them to expand their footprint and augment their product offerings to further fuel growth.”
“The past few years have seen increased adoption of EVs as consumers realize that EV infrastructure, too, is being augmented. We are thrilled to have secured funding from marquee investors who are backing us in our journey. BluSmart’s growth trajectory since inception has been remarkable and we look forward to furthering this in the coming years. BluSmart has always maintained a singular focus on innovation, quality, and customer-centricity, and we will continue to do so to offer best-in-class services to customers while scaling our business,” added Anmol Singh Jaggi, Co-Founder of BluSmart.
India’s first and largest integrated EV ride-hailing and charging business, BluSmart, aims to deliver safer, cleaner, and more sustainable mobility. The platform focuses on providing a better customer experience, improving the quality of life of its driver-partners, and revitalizing the air quality in India’s major cities through its zero-emission services.
Source: Business World