EV ride-hailing firm BluSmart Mobility planning to raise $25 million in pre-series B funding

Electric ride hailing firm Blu Smart is looking to raise $25 million in a pre-series B funding round from new and existing investors to expand its fleet size and enter newer markets.

The development comes roughly four months after the firm announced that Singapore based asset manager responsAbility Investments AG investing up to $25 million, which is around Rs. 208 crore.

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Earlier, in December 2023, the firm had managed to secure $24 million in equity round. Moreover, it has also raised long term sustainable EV asset funds worth $200 million, backed by leading development financial institutions.

For the new fundraise, BluSmart has issued more than 1 million pre-series B preference shares at an issue price of Rs. 1,830 each, as per regulatory filings made by the firm with the Registrar of Companies.