BluSmart Mobility was established in December 2019 with the objective of offering a more environmentally friendly ride-hailing solution to the extensive Indian market. Despite encountering obstacles, including the COVID-19 pandemic, they have effectively extended their services to encompass two prominent cities, Delhi and Bangalore. Their ability to persevere and their unwavering dedication to sustainability have garnered considerable recognition.BluSmart Mobility's revenue from operations has increased significantly, reaching Rs 170 crores in FY23, up from Rs 29 crores in FY22.
In addition, by August 2023, the firm had reached an excellent Average Revenue Run Rate (ARR) of Rs 400 crore, representing a roughly 60% growth over the previous fiscal year. Anmol Singh Jaggi, co-founder, credits this amazing development to two key factors: an increase in the number of journeys from 6 to 7.5 per car and the expansion of their electric vehicle fleet.
BluSmart obtains its EV cars from Tata Motors and plans to build its EV car fleet to about 10,000 vehicles by March 2024, more than doubling its current platform count of 5,000 vehicles. Mr Jaggi and four others started the EV business in December 2019 with the goal of delivering a new, greener ride-hailing option to the immense Indian market. It raised $109 million in seed and Series A funding. BluSmart Mobility has been fast to develop and adapt to the changing demands of its passengers.
They added an additional feature that allows users to arrange rides for the full month, providing an easy and dependable transportation alternative. Furthermore, the business released luxury automobiles in Bangalore, which are gaining traction.
Another intriguing feature they've implemented is the option to plan recurrent trips, similar to purchasing groceries on a daily basis, providing travellers with even more convenience and flexibility. BluSmart has also been conscious of the need for cost control. Anmol Singh Jaggi, the co-founder, underlined their dedication to profitability. Surprisingly, they've already reached positive EBITDA, not by substantially reducing spending, but by steadily increasing income. BluSmart defines profitability as steady sales growth.
BluSmart Mobility is at the forefront of promoting environmentally friendly mobility. They finance drivers' automobiles, collaborate with others to construct electric charging infrastructure, and are even venturing into electric car manufacture through their partnership with GenSol Engineering Ltd. BluSmart acquired $42 million in investment from investors including BP Ventures in May 2023. This boosts their market position even further.
Lastly, BluSmart Mobility's incredible journey from a startup in 2019 to a top player in the Indian ride-hailing sector is due to its innovative approach, commitment to green transportation, and loyalty to offering great service. BluSmart's success story is poised to continue, thanks to significant revenue growth and an expanding fleet of electric cars, offering sustainable and convenient transportation choices to a growing variety of passengers in India.
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