Blusmart raises $6.8 M funding in pre-series-A round
Mumbai, September 07, 2020:BluSmart, all-electric ride hailing platform has raised $6.8M / 51Cr in funding from multiple angel network and investors including Mumbai Angels, Inflection Point Ventures, Venture Catalyst, Survam Partners, Chattisgarh Investments Ltd., JITO Angel, Lets Venture and Kaplavriksh Trust. BluSmart will utilize the funding to expand the number of cars on the platform, set up more charging infrastructure, technology improvements and expand the geographical reach. BluSmart is also in discussions to raise venture debt.
BluSmart is India's first and largest all-electric, on-demand smart mobility platform led by serial entrepreneurs Anmol Singh Jaggi and Punit K Goyal. The company offers reliable, affordable, safer, smarter, and sanitized electric cabs to consumers in Delhi NCR, and is looking at expanding in Mumbai. Its USPs include Zero Surge Mobility, Zero Emission Mobility and Zero Ride Denials. Building an electric ecosystem with strategic partnerships across automotive, infrastructure and energy companies, the startup further plans to add thousands of electric cars and hundreds of charging stations on its all electric ride-sharing platform in 2021.
BluSmart’s zero-emission smart urban mobility service reduces overall air pollution. Since its inception it has completed clean 5,000,000+ Kms with 200,000+ clean rides and 375,000+ Kg CO2 saved. Customers can seamlessly book the rides through the Blu Smart iOS and Android App or can simply call the booking number and enjoy the no-surge pricing and zero cancellation charges.
Talking about the freshly raised capital, Anmol Singh Jaggi, Co-founder, Blu Smart said, “We aim at bringing in a new narrative in the EV mobility space by giving the highest quality service as evidenced by our app rating, which is highest amongst all ride-sharing platforms and thus, transforming India’s mega-cities by providing convenient, sustainable and affordable mobility with great benefits for consumers, businesses and society at large. We will be expanding into more cities starting from Mumbai and then onwards to Bengaluru and other cities.”
Senthil Kumaran, MA Investor said "With the world decisively moving towards Green Technology, it is exciting to see Blu Smart taking big steps in proliferating the use of electric cabs. With newer technology dramatically reducing the cost of energy storage in the recent past, Blu Smart's push for growth seemed like the obvious thing to do, and a great opportunity for us to participate in it. As investors it feels we have made the right choice."
“Over the last decade electrification in mobility and transportation has created significant technological advancement. As EVs gain wider adoption over the next decade or two, we see good long-term investable opportunities throughout the entire EV supply chain. We are happy to welcome Blu Smart to our diversified portfolio” said Nandini Mansinghka, Co-Promoter & CEO, Mumbai Angels Network.
About Mumbai Angels Network:
Started in 2006, Mumbai Angels Network (MA Network) is India’s premier platform focused on new venture investing. The network is today 450+ members strong, across 9 chapters (Mumbai, Delhi, Bangalore, Kolkata, Hyderabad, Goa, Pune, Jaipur, Chennai). It has a 140+ strong portfolio with 45+ exits and has invested 150+ crores.