- ByStartupStory | May 1, 2024
BluSmart, a pioneering electric vehicle (EV) ride-hailing company, has announced a significant milestone in its financial growth, achieving an annual run rate of Rs 500 crore ($60 million) in FY24, a substantial increase from $30 million in the previous fiscal year. The company also reported a revenue of Rs 390 crore for FY24, marking a 2.4-fold increase from FY23.
Co-founded by Punit Goyal and Anmol Singh Jaggi, BluSmart is currently operational in Delhi and Bengaluru and boasts a fleet of 7,300 electric cars. The company has set ambitious targets to expand its fleet to 10,000 by the end of 2024. In addition to expanding its fleet, BluSmart has developed its own network of EV charging stations across its operational cities and has recently opened these facilities to other fleet operators and external users.
Anmol Singh Jaggi, Co-founder of BluSmart, expressed optimism about the growing demand for eco-friendly transportation solutions. “We are witnessing a rise in demand for sustainable mobility solutions, reinforcing the growth of a greener, more sustainable future,” he stated in a recent press release.
The company’s growth is supported by strategic partnerships and innovations. BluSmart sources its EVs from prominent manufacturers such as Tata, MG, and BYD. Additionally, Gensol, a firm promoted by BluSmart’s founders, is in the process of setting up its own EV car manufacturing, hinting at a potential internal source for future fleet expansions. There is also widespread speculation that BluSmart might integrate vehicles manufactured by Gensol into its service.
In its latest financial endeavor, BluSmart successfully raised $25 million in a mix of debt and equity from ResponsAbility, a Zurich-based climate finance company. This funding is expected to further fuel the company’s expansion and innovation strategies as it continues to champion the shift towards sustainable transportation.
BluSmart’s progress and ambitious plans highlight the company’s commitment to leading the charge in transforming urban mobility in India through sustainable practices and innovative solutions.