Valuation uptick after $25 MN fundraise by BluSmart

 

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Mumbai Angels Network sees valuation increase for investors post USD 25 million fundraise by its portfolio company BluSmart The sustainable mobility platform, based in New Delhi, is now looking to establish its presence in 5 other Indian cities within the next two years Mumbai, October 8th, 2021: Mumbai Angels Network, a premium startup investment platform for early-stage venture investments, has observed a valuation uptick for its investors from BluSmart, an integrated EV ride-hailing and charging startup that has raised USD 25 million as a part of its Series A round. The funding round was led by BP Ventures, the venture capital firm of multinational oil and gas company BP and also saw the participation of Mayfield India Fund, 9Unicorns, and Survam Partners, alongside other existing investors. BluSmart will utilize the freshly infused capital to expand its fleet of EVs and charging stations to 5 Indian cities in the next two years, furthering its growth and enabling it to become a leader in India’s mobility market. Speaking on the surge in valuation, Ms.Nandini Mansinghka, Co-Founder & CEO - Mumbai Angels Network, said, “India’s EV market is rapidly growing and has immense potential and opportunities for players in the industry to seize. BluSmart has truly established its presence in the EV sector. The company has been extremely capital efficient and has a high potential to grow and scale further to become an industry leader. We are pleased that their recent capital infusion has increased the valuation for our investors, and we are confident that this funding will enable them to expand their footprint and augment their product offerings to further fuel growth.” “The past few years have seen increased adoption of EVs as consumers realize that EV infrastructure, too, is being augmented. We are thrilled to have secured funding from marquee investors who are backing us in our journey. BluSmart’s growth trajectory since inception has been remarkable and we look forward to furthering this in the coming years. BluSmart has always maintained a singular focus on innovation, quality, and customer-centricity, and we will continue to do so to offer best-in-class services to customers while scaling our business,” added Anmol Singh Jaggi, Co-Founder of BluSmart.  India’s first and largest integrated EV ride-hailing and charging business, BluSmart, aims to deliver safer, cleaner, and more sustainable mobility. The platform focuses on providing a better customer experience, improving the quality of life of its driver-partners, and revitalizing the air quality in India’s major cities through its zero-emission services. About Mumbai Angels:   Started in 2006, Mumbai Angels Network is India’s premier platform focused on new venture investing. Mumbai Angels today has a 170+ strong portfolio across sectors and cities across India. Of the overall portfolio the platform has exited/ secured the next round of funding for 70 of them. Today the platform has 550+ investors spread across 40+ cities within and outside India.  About BluSmart BluSmart is the most preferred mode of public transportation across Delhi NCR having completed 700,000+ electric trips, covered 23 million + clean kms, over 250,000 + app downloads with an app rating of 4.9 out of 5.0 in the last year. BluSmart has the largest fleet of electric cabs and the largest network of EV fast charging stations across Delhi NCR. For more information, visit: https://blu-smart.com/