Ride-hailing service BluSmart closes Series A1 funding round, raises $25 mn
BluSmart, the electric full-stack ride-hailing service and operator of EV Superhubs, announced it has closed a Series A1 round raising $25 million. This is a follow-up to the series A round that closed in September 2021, bringing the total of its Series A investment to a significant $50.7 million.
The company has raised $25 million in the Series A1 round comprising $15 million equity capital and a venture debt of $10 million. The equity round was led by BP Ventures and Green Frontier Capital with participation from existing investors. The venture debt funding comes from Stride Ventures, Alteria Capital, BlackSoil and UCIC.
The company claims that this is one of the largest Series A fundraise in ride hailing and smart mobility space globally.
BluSmart plans to use the funds to scale up its all-electric ride-hailing fleet to over 5,000 BluSmart EVs and expand its network of EV Superhubs across the Delhi NCR. In addition to equity, BluSmart also recently secured EV financing of $35.7 million backed by IREDA (BluSmart has raised $75 million in EV asset financing backed by global development financial institutions – India’s largest till date).
“BluSmart has been able to scale 25x since launch. BluSmart is creating inclusive and equitable economic opportunities for driver partners who can drive and earn without the hassles of asset ownership,” Co-Founder and CEO, Anmol Jaggi said in a statement.
He further added, “We continue to build the next generation EV ride hailing service and EV charging infrastructure –making BluSmart India’s largest integrated and full-stack EV ecosystem solutions provider.”
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