EV ride-hailing company BluSmart on Thursday announced raising of $25 million in its ‘Series A’ round from venture capital firm, bp ventures.
As part of this funding, BluSmart has raised $13 million in the first round of investment. In the following two years, BluSmart will use the funds to extend its fleet of electric vehicles and charging stations from its home city of Delhi to five other Indian cities.
BluSmart intends to redefine ride-hailing in India by having the largest EV charging infrastructure in the country and a growing fleet of electric vehicles. Business for the company continues to expand in Delhi NCR, and accounts for 20% of India's mobility market.
BluSmart estimates that it has already avoided over 1,500 tonne of CO2 with over 650,000 passenger rides completed to date.
Anmol Singh Jaggi, Co-founder, BluSmart said this latest funding infusion will help the company grow as it works with bp to help transform India’s high polluting cities and redefine ride-hailing with EVs.
Meanwhile, Sophia Nadur, Managing Partner, bp ventures will join BluSmart’s board. To date, bp ventures has invested almost $800 million in more than 60 companies across seven geographies.
With this investment bp ventures aims to become the market leader in India's mobility business, as well as in providing integrated energy and mobility solutions to help customers cut their emissions globally.