BluSmart Mobility, a locally-based electric vehicle (EV) ride-hailing firm, has raised $42 million (about Rs 342 crore) in a bridge investment round from its current investors BP Ventures and Survam Partners, with involvement from BluSmart's management team. In this round, the company raised $37 million in equity and $5 million in venture debt. In addition, the founders and executive staff of BluSmart contributed close to 50% of the funds raised.

In total, BluSmart has raised $109 million from its seed through series A2 rounds, of which $85 million has been raised for equity. Additionally, it has received $150 million (roughly Rs 1,200 crore) in EV asset leasing from development financial institutions including the Power Finance Corporation (PFC) and the Indian Renewable Energy Development Agency (IREDA), among others.

The additional funds will be used to expand BluSmart's current operations. It presently operates a 3,500-strong all-electric ride-hailing fleet in Delhi-NCR and Bengaluru with a 10,000-EV deployment goal for FY24.

Anmol Jaggi and Punit Goyal established BluSmart in 2019. The platform provides a fleet of electric cars that are powered by sustainable energy, encouraging sustainability and cutting carbon emissions. It matches domestic rival Ola against the world's largest ride-hailing company, Uber Technologies. The business asserts that over the previous three quarters, its monthly income increased thrice. It intends to expand farther into premier cities in order to boost its revenue.

Jaggi stated that although the electrification of public transit is coming, it will not be without its difficulties. He continued, "BluSmart addresses these challenges through a full-stack approach, including a born-electric tech stack, complete control over EV charging infrastructure (installation, execution, and utilisation), selecting ideal locations to build large-scale EV charging infrastructure, and optimising the use and maintenance of the EV ride-hailing fleet at scale.

PFC and BluSmart have agreed to a $77 million asset financing deal for 5,000 electric vehicles to be used on BluSmart's network. It intends to lease 1,000 freight three-wheelers to last-mile delivery partners using the loans to finance them.

Prior to this, the business secured $25 million in an extended Series A round in May of last year that was co-led by BP Ventures, the venture capital division of the oil and gas giant bp, and Green Frontier Capital, with participation from Stride Ventures, Alteria Capital, BlackSoil, and UCIC. At $50.7 million (or roughly Rs 380 crore), the Series A round was closed. It has already obtained EV funding worth $35.7 million that is supported by IREDA.