BluSmart Raises $42 Mn, 50% Of Round Subscribed By The Leadership Team

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BluSmart Mobility, an EV ride-hailing service and EV charging superhub infrastructure operator, has raised $42 million in a Series A2 round. The latest round includes an equity round of $37 million and venture debt of $5 million. BluSmart’s founders and leadership team contributed nearly 50% of the total capital, with participation from existing investors. The company plans to use the funding to penetrate deeper into mega cities and expand its fleet capacity. BluSmart operates in Delhi-NCR and Bengaluru regions and aims to increase its fleet size to 10,000 in FY24 from the current strength of 3,500. The firm is aiming to touch profitability by the end of 2023. BluSmart has raised $109 million across its seed to Series A2 rounds and is expected to join the unicorn league in the next few rounds.

BluSmart has raised $109 million across its seed to Series A2 rounds, including $85 million in Series A round in multiple tranches. As per the company, it has also received EV asset leasing of $150 million (Rs 1,200 crore approximately) backed by Development Financial Institutions like PFC, IREDA among others which will add 5000 EVs to its electric ride-hailing fleet.

Yes, that’s correct. BluSmart has raised a total of $109 million across its seed to Series A2 rounds, with $85 million raised in Series A round in multiple tranches. Additionally, the company has received EV asset leasing of $150 million, which is backed by Development Financial Institutions like PFC, IREDA, among others, and will add 5,000 EVs to its electric ride-hailing fleet.