BluSmart Raises Rs 200 Crore For Large-Scale EV Charging Hubs
The startup is building large EV charging superhubs at prime locations across the NCR and Bengaluru.
BluSmart Mobility Pvt. has raised Rs 200 crore or $24 million in a fresh equity round as it aims to build large-scale charging hubs, which will enable the expansion of its electric ridehailing service.
The round saw participation from existing investors, founders and the leadership team, according to a release on Thursday.
"EV charging infrastructure is the biggest bottleneck for large-scale EV adoption and is also the single largest opportunity," Tushar Garg, chief executive officer at BluSmart's charging business, said. The company is building large EV charging superhubs at prime locations across the National Capital Region and Bengaluru with "industry-leading utilisation".
Founded in 2019, the Gurugram-based startup is building a full-stack EV ridehailing service and EV charging-infrastructure network.
The company claims to have completed 1 crore lifetime electric trips this year. It also owns and operates 4,000 EV chargers across 34 hubs. It has also touched $50 million in annual revenue run-rate and is growing at more than 100% year-on-year.
It has also secured long-term EV asset financing of about $200 million or Rs 1,660 crore, backed by leading development financial institutions, like the Indian Renewable Energy Development Agency Ltd. It aims to scale its EV fleet size from 5,500 to 8,000 across the NCR and Bengaluru by next year.
