BluSmart, a leading electric vehicle (EV) ride-hailing service provider, is all set to expand its operations to Mumbai, with the launch scheduled for January 1, 2024.
The company announced the rollout in a post on X, revealing that the initial phase of the launch will be limited to an invite-only group of users.
The announcement comes after months of preparation and the company expressed its excitement to introduce the service to Mumbai residents.
BluSmart’s EV fleet will be available to a select group of participants during the initial phase, with plans for a broader public rollout following the initial test phase.
Founded in 2019 by Anmol Jaggi and Punit K Goyal, BluSmart has made a significant mark in the electric ride-hailing sector, offering eco-friendly alternatives to traditional taxis.
The company currently operates in Delhi NCR and Bengaluru, with an impressive fleet of over 8,500 EVs.
BluSmart has also provided an integrated charging infrastructure, boasting more than 5,800 EV charging stations across its operational cities.
BluSmart’s services have been well-received, with the company claiming to have completed 21 million rides to date.
This growth has been supported by its unique asset-leasing initiative, Assure by BluSmart, which allows partners to purchase electric vehicles and lease them to BluSmart, generating fixed monthly rentals.
The program has been a success, reaching a book value of INR 100 crore this month, alongside a tenfold increase in its monthly financing scale.
The startup’s growth is evident in its recent funding round, where it raised INR 200 crore in July 2023 from investors including responsAbility Investments AG, Sumant Sinha, MS Dhoni Family Office, and the company’s founders.
This funding aims to expand BluSmart’s presence and strengthen its EV infrastructure in India’s major cities.
To date, BluSmart has raised over $180 million in funding, with investors including BP Ventures and 100Unicorns (formerly 9Unicorns).
The company has shown impressive financial performance, surpassing INR 500 crore in annual run rate for FY24, marking a 102% increase from the previous year.
BluSmart’s entry into Mumbai signals a new chapter in the city’s sustainable transport journey, as the startup works to accelerate India’s transition to greener, more efficient mobility solutions.
