BluSmart Mobility, an EV ride-hailing service and EV charging superhub infrastructure operator, has raised $42 million in a recent funding round.

The latest round included an equity round of $37 million and venture debt of $5 million, which saw participation from existing energy investors, with almost 50 per cent of the round being subscribed by the BluSmart founders and leadership team, the company said in a release.

Also read: Taxi startup BluSmart picks EV fight with Uber

It currently has a fleet size of 3,500 EVs operating in Delhi, NCR, and Bengaluru and plans to have 10,000 EVs in FY24. According to the company, its monthly revenue has grown 3x over the last three quarters, and to scale further, this funding round will be utilised to penetrate deeper into megacities.

Scaling up

“We tackle the challenges through an integrated and full-stack approach consisting of a born electric tech stack, complete control over EV charging infrastructure (installation, execution, and utilisation) and choosing the prime locations to build large-scale EV charging infrastructure, and optimally using and maintaining the EV ride-hailing fleet at scale,” said Anmol Singh Jaggi, co-founder and CEO, BluSmart Mobility.

Additionally, it has recently secured the largest EV asset financing in the country backed by Power Finance Corporation (PFC), which will add 5,000 EVs to BluSmart’s growing fully-electric ride-hailing fleet.

Also read: Futurism of mass electric mobility or a hit and miss?

Overall, the mobility player has raised $109 million across its Seed to Series A2 rounds, which includes an equity raise of $85 million raised across the Series A rounds. It has also received EV asset leasing of $150 million (₹1,200 crore) backed by development financial institutions inculding PFC, IREDA among others.

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