2020-09-08
Electric ride-hailing platform BluSmart obtains $7 million in funding to further market penetration

Electric ride-hailing platform BluSmart obtains $7 million in funding to further market penetration

Image Credit: BluSmart

Electric ride-hailing platform BluSmart has announced that it has raised $7 million (around Rs 51 crore) in funding from numerous investors. The funding round comprised investors like Inflection Point Ventures, Venture Catalysts, Survam Partners, Mumbai Angels, Chhatisgarh Investments Ltd, JITO Angels, Lets Venture Fund and Kaplavriksh Fund, the company said in an announcement.

The company will employ the funding for fleet expansion, setting up of more charging infrastructure, and further market penetration.

"We aim at bringing in a new narrative in the electric vehicle (EV) mobility space by giving the highest quality service and thus, transforming India's mega-cities by providing convenient, sustainable and affordable mobility with great benefits for consumers, businesses and society at large," believed Anmol Singh Jaggi, Co-founder, BluSmart Mobility.

The start-up, which offers its services throughout the Delhi National Capital Region (NCR), strategies to add thousands of electric cars and hundreds of charging stations on its platform in 2021, said the release.

"We are excited to back BluSmart and be part of its success story. BluSmart has already become a reliable brand for cab service in the Gurgaon market.

"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," said Mitesh Shah, Co-founder, Inflection Point Ventures (IPV).

BluSmart, which raised $3-million in September 2019 in a seed round, further said that it is in deliberations to raise venture debt as well.

"Our association with BluSmart is one step ahead with the government of India, that is currently looking to promote electric mobility as one of the key solutions to reduce carbon emission," said Apoorv Ranjan Sharma, President & Co-Founder, Venture Catalysts.

Electric mobility is the next big thing in India, believed Punit K Goyal, Co-founder, BluSmart, adding, "we are also looking at augmenting the EV uptake by expanding fast electric car charging infrastructure for an easy charging practice."