BluSmart crosses annual revenue run rate of Rs 400 cr

New Delhi: EV ride-hailing and charging provider BluSmart on Tuesday said it has crossed annual revenue run rate (ARR) of Rs 400 crore. Operating in Delhi-NCR and Bengaluru, BluSmart has achieved a milestone of 5,000 electric vehicles (EVs). It has also set up over 3,900 EV charging points across 32 charging hubs at key locations in two cities.

“The year has been a transformative year for us, accelerating our growth exponentially. Next year too, we aim to grow very rapidly. We've witnessed robust demand for our service, reaffirming the continued growth of electric mobility,” said Anmol Singh Jaggi, Co-founder and CEO, BluSmart. BluSmart recently raised $42 million, which included an equity round of $37 million and venture debt of $5 million. Nearly 50 per cent of this funding came from its founders and leadership team, with participation from existing energy investors. According to BluSmart, over 2.4 million users have downloaded the BluSmart app. BluSmart plans to have 10,000 EVs in FY24.

The company has raised $109 million across rounds which includes an equity raise of $85 million. It has also received EV asset leasing of $150 million (Rs 1,200 crore) backed by Development Financial Institutions like PFC, IREDA among others.