BluSmart Raises $25M to Expand EV Charging Infrastructure in India

BluSmart, an Indian ride-hailing startup specializing in an all-electric fleet, has secured $25 million in funding from ResponsAbility, a Switzerland-based impact fund. This investment comes shortly after two previous funding rounds totaling $66 million. The capital infusion aims to accelerate the expansion of BluSmart’s electric vehicle (EV) charging infrastructure from the existing 35 stations with 4,000 chargers to approximately 95–100 stations in the coming months.

Launched in December 2019, BluSmart operates a fleet of 6,000 EVs, including MG Motor ZS SUVs and Tata Tigor sedans. The startup plans to increase its fleet to 10,000 vehicles later this year. To support this growth, BluSmart recognizes the need to enhance its EV charging infrastructure. The expanded charging network is expected to contribute additional revenue, with plans to open charging hubs to the public as part of India’s initiative to electrify 30% of four-wheelers by 2030.

Anmol Jaggi, Co-founder of BluSmart, stated, “This $25 million should help us expand the charging infrastructure from 35 super hubs we have right now to maybe another 60 charging hubs.” BluSmart’s unique model focuses on pre-scheduled EV rides, distinguishing it from competitors like Uber and Ola.

Despite facing challenges such as the ongoing market slowdown and its asset-heavy business model, BluSmart experienced substantial growth. Between 2022 and 2023, the company’s gross merchandise value surged over 600% to approximately $20 million. BluSmart’s user base also witnessed significant growth, with monthly active users reaching 245,000 in December 2023.

The additional funding will play a crucial role in BluSmart’s strategic plans, including the expansion of its EV fleet and charging infrastructure. The company remains committed to its pre-scheduled EV ride model, emphasizing the need for further EV adoption in India’s growing ride-hailing market.

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