Electric ride-hailing service BluSmart on Tuesday announced it has raised $25 million as part of its extended Series A1 round. In total, the startup has raised $50.7 million as part of its Series A round. BluSmart said that its EV ride-hailing platform aims to add 5,000 electric cars and scale up its EV Superhubs across the Delhi-NCR.
"BluSmart has been able to scale 25 times since its launch. BluSmart is creating inclusive and equitable economic opportunities for driver partners who can drive and earn without the hassles of asset ownership," said Anmol Jaggi, Co-Founder and CEO. The startup raised $25 million in fresh funding in $15 million equity and a venture debt of $10 million.
The equity round was led by BP Ventures and Green Frontier Capital with participation from existing investors. The venture debt funding comes from Stride Ventures, Alteria Capital, BlackSoil and UCIC. BluSmart has raised $75 million in EV asset financing backed by global development financial institutions to date. BluSmart recently added long-range EVs and has started its all-electric intercity service for its customers to travel from Delhi-NCR to Jaipur and Chandigarh.
It continues to scale its service at the Delhi airport and now has presence across all domestic and international terminals.