BluSmart raises $24 mn via equity rights

Mumbai: Electric vehicle ride-hailing service and charging infrastructure network operator BluSmart on Thursday said it raised $24 million (Rs 200 crore) through issue of equity rights to its existing investors for funding the company’s expansion.

The latest funding round saw participation through over-subscription of equities by existing investors, founders and the leadership team, BluSmart said in a statement. Currently, the platform operates over 5,500 electric vehicles in the domestic market. It owns and operates over 4,000 EV chargers across its 34 charging superhubs.

The platform said it aims to scale to a fleet size of around 8,000 EVs across Delhi-NCR and Bengaluru by next year. “BluSmart has raised $24 million (Rs 200 crore) in a new equity round in December 2023,” the company said in a statement.