BluSmart raises $7 million in pre-series A funding

Delhi NCR-based all-electric ride hailing platform BluSmart Mobility Pvt Ltd has raised $7 million or ₹51 crore in pre-series A funding from multiple investors including Inflection Point Ventures, Venture Catalysts, Survam Partners, Mumbai Angels, Chhatisgarh Investments Ltd., JITO Angels, Lets Venture Fund and Kaplavriksh Fund, the company said on Monday.

The company, which is also in talks to raise venture debt, said that the funds would be utilized in expanding its fleet, setting up electric vehicle (EV) charging infrastructure, and making technology related improvements while increasing its footprint.

Led by founders Anmol Singh Jaggi and Punit K Goyal, BluSmart had raised $3 million in a seed round in September last year. The startup also has appointed Anirudh Arun as COO and Rishabh Sood as the CTO.

The startup, which is looking to forge strategic partnerships with automotive, infrastructure and energy companies, plans to add ‘thousands of electric cars and hundreds of charging stations’ toits platform in 2021, it said.

“We are looking at augmenting the EV uptake by expanding fast electric car charging infrastructure for an easy charging practice,” said Goyal.

Mitesh Shah, Cofounder, Inflection Point Ventures said that the venture capital firm, with its vast investor base of CXOs from diverse industries including EVs, automotive and banking, financial services and insurance (BFSI), will help BluSmart in growing its fleet economically as well as expand its network.

To encourage customers to use the ride hailing services, the startup said it is implementing key hygiene and safety measures such as monitoring the health status of drivers daily, customers pre-ordering a mask while booking their rides, among others.