The electric vehicle company BluSmart today announced that it has raised Rs 51 crore ($7 million) in funding from multiple investors. This is done with a view to fund the capital investment expenditure for long term sustainability and competitiveness.
The list of investors including Inflection Point Ventures, Survam Partners, Mumbai Angels, JITO Angels, Lets Venture Fund and Kaplavriksh Fund invested in return for equity stake.
The mobility company said it would utilise the funding to expand the number of cars on the platform, set up more charging infrastructure, and to expand its geographical reach.
Anmol Singh Jaggi, co-founder, BluSmart Mobility, said, “We aim at bringing in a new narrative in the EV mobility space by giving the highest quality service as evidenced by our app rating, which is the highest among all ride-sharing platforms. Thus we will help transform India’s mega cities by providing convenient, sustainable and affordable mobility with great benefits for consumers, businesses and society at large.”
Proud of our relationship with @MahindraElctrc , together we shall achieve many milestones. https://t.co/paUwnnHImz
— Anmol Singh Jaggi (@AnmolJaggi) September 6, 2020
Mitesh Shah, co-founder, Inflection Point Ventures, said, “We are very excited to back BluSmart and be part of its success story. IPV, with its vast investor base of CXOs from diverse industries, including EV, automotive and BFSI, will help BluSmart in growing its fleet economically as well as expand its network exponentially.”
On the funding, Punit K Goyal, co-founder, BluSmart Mobility, said, “BluSmart aims to improve the status of commuting and curbing the burden on environment caused by vehicles running on fuel combustion. We are also looking at augmenting the EV uptake by expanding the fast electric car-charging infrastructure for an easy charging practice.”
#BluSmart is India’s largest all-electric ridehailing platform and has covered 47,50,000 #clean #kms [12.35 times the distance between earth and moon]. This small step of #BluSmart is a #giant #leap for the #electric #mobility #ecosystem in India. @anandmahindra @Maheshsbabu pic.twitter.com/RHpIErG9ee
— Punit K Goyal (@BluSmartGoyal) April 16, 2020
Apoorv Ranjan Sharma, president and co-founder, Venture Catalysts, said, “We are optimistic that our investment will help the startup embark on its next phase of growth and change the dynamics of EV infrastructure in the country.”
The company claims to has reduced over 325 tonnes of CO2 over the last one year by running all electric cars in Delhi NCR. It had also launched the Blu wallet for contact less payment.
BluSmart Smart Mobility had raised $3 million in a seed round in September 2019.
India's longest EV trip has reached Palanpur, Gujarat. We're taking a halt here to get charged for the next day. We'll be back tomorrow with updates on Day 4 as we inch closer to the #EVictoryLap .@nitin_gadkari @NITIAayog @MinOfPower @mnreindia pic.twitter.com/CUT7dW5ALp
— BluSmart (@BluSmartIndia) September 6, 2020
