EV Ride-hailing platform, Blusmart Mobility to raise $50 million in its series B funding round

Blusmart Mobility is an online platform for ride-hailing services that announced its plan to secure Rs 425 crore in its new series B from its existing and new investors. The funding round is part of its ongoing funding and marks the second fundraising in the last six months. The startup provides various ride-hailing solutions and EV charging operators.

The company plans to use these fresh proceeds to scale its operations, enhance its performance capability, expand its network, and develop its market presence. The board has approved a resolution to allot 17,70,833 series B CCPS at an issue price of Rs 2,400 per share to raise $50 million. The company offers a fleet of electric vehicles that allows users to book rides.

The startup provides an online platform that uses advanced technologies to help users rent vehicles and connect with drivers. Blusmart secured Rs 61 crore from 26 angel investors and expects to complete this round by raising the remaining amount. The company aims to expand its services across Bandra, Goregaon, and Bandra Kurla Complex. Blusmart Mobility is an online ride-hailing platform that allows users to book rides by providing location, user details, and payment details.

The development came just after the company secured 24 million USD in its pre-series B funding round responsAbility with the participation of Sumant Sinha and other investors. The startup claims to have completed 22 million rides with around 5,800 charging stations, and 8,500 EVs. The company currently operates in Delhi NCR, Bengaluru, and Delhi. This investment shows the investor’s trust in Blusmart Mobility’s market potential and business model.

The ride-hailing service provider reported a huge increase in its revenue to Rs 390 crore in FY23. The firm is yet to post the official financial result for FY24. The company has raised around $142 million across multiple funding rounds, including $5 million secured from responsibility and other investors during its Series A funding round. Blusmart receives investments from BP Ventures, Lightsource BP, and others.

The Mumbai-based EV firm is expected to have a post-money allotment valuation of Rs 3,050 crore. The EV firm offers scheduled pick-up and drop services using its electric vehicles. The new investment will enable the company to strengthen its network. Blusmart Mobility faces competition from other ride-hailing platforms such as Evera Cabs, and Malbork.

Conclusion:

Blusmart Mobility is an app-based ride-hailing service provider that plans to raise 50 million USD in its new series B funding round. The fundraising is expected to have participation from the firm’s new and existing investors. The startup plans to use this fresh capital to scale its operations, improve its services, and expand its network.

The development came after the firm secured $24 million from its existing investor in its pre-series B round. The board passed a resolution to raise Rs 425 crore by issuing 17,70,8333 series B CCPS at an issue price of Rs 2,400 each. Blusmart competes with companies like Evera Cabs. This marks the second funding round in the last six months.  

Niraj Kumar is the Founder and CEO of Scoopearth, bringing over 13 years of experience across diverse domains, including journalism, content marketing, digital marketing, startup mentoring, and business coaching. His extensive background and leadership have made a significant impact in these areas, helping startups grow and succeed in a competitive landscape.

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