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EV ride-hailing service and EV charging hub infrastructure operator BluSmart Mobility has raised $25 million from Zurich-based climate finance firm ResponsAbility and will use the money to expand its EV charging infrastructure.
In December last year, the start-up had raised $24 million, or around ₹200 crore, from its existing investors, founders and the leadership team. In an earlier round in May, when it raised $42 million, nearly half the funding had come from its six founders: Jaggi, Punit Goyal, Anirudh Arun, Tushar Garg, Rishab Sood and Rahul Jain. Currently, the founders together own nearly 35 per cent of the company.
ResponsAbility has financed non-banking lenders in India such as Aye Finance, Annapurna Finance, Clix Capital and Kinara Capital. The investor has also invested in start-ups such as Peak XV Partners-backed Wingreens Farms and fintech firm RenewBuy.
Separately, it has also secured long-term and sustainable EV asset financing of $200 million backed by leading Development Financial Institutions (DFIs).
Expand EV infra
The fresh investment will help BluSmart in expanding its EV charging infrastructure across India, the company said in a press release.
BluSmart currently operates 6,000 EVs and claims to have completed over 11 million all-electric trips. It also owns and operates 4,000 EV chargers across its 35 EV charging locations spread across 1.4 million sq ft in Delhi NCR and Bengaluru.
“We have made large-scale investments in real EV assets and EV infrastructure since inception with a singular focus to ‘decarbonise mobility at scale’. Backed by some of the largest energy infrastructure, energy transition and climate-focused funds, this new round marks a significant milestone in BluSmart’s journey in leading India’s transition to a zero-emissions mobility future,” said Anmol Singh Jaggi, Co-Founder of BluSmart.
BluSmart said that it crossed $50 million (more than ₹400 crore) in annual revenue run-rate and is growing at more than 100 per cent year-on-year.
Recently, the mobility start-up has tweaked its tariff structures in an effort to drive better unit economics. It has implemented a new pricing structure to cater to different times of the day. The fares during what the company terms as ‘Rush Hours’ are higher by around 30 per cent compared with ‘Relaxed Hours’.
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