BluSmart Mobility, an EV ride-hailing service and charging hub infrastructure operator, has secured $25 million in an equity and debt round from Switzerland-based ResponsAbility. The company has raised almost $160 million, with $42 million in May last year.
BluSmart has also secured $200 million in long-term, sustainable EV asset financing from a reputable growth finance institution. The new investment will be used to expand its EV charging network across India.
Better development decisions
BluSmart says it has driven more than 11 million all-electric miles and currently has 6,000 EVs under its care. In addition, it has 4,000 EV chargers and operates 35 EV charging points in Bengaluru, Delhi and NCR, covering 1.4 million square feet.
BluSmart also unveiled a new pricing structure (rush hour pricing) for different times of the day earlier this month. Two phases of the schedule, "Rush Hour", "Relaxed Hour", went into effect on January 8, 2024.
Future growth scenario of BluSmart
According to BluSmart, its annual revenue run-rate has crossed $50 million (over Rs 400 crore) and is growing at a rate of over 100% per annum .The company grew 222% to Rs 29 crore in the financial year in 2013, but is yet to announce its FY23 results. Two of the company’s revenue sources for the aforementioned financial year were taxi charging points.
Photo Source: BluSmart Website and X
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