EV journey-hailing BluSmart to elevate $50 million investment at $335 million valuation: Report
Electric ride-hailing startup BluSmart is set to raise $50 million in a new funding round, which will bring its pre-money valuation to $335 million. According to an Inc42 report, the Gurugram-based company has already secured half of the targeted amount, with the remaining funds expected soon.
The funding round includes a mix of existing investors, promoters, high-net-worth individuals, and venture capital funds. BluSmart plans to close the round by next month, marking its second major fundraiser in six months, following a $24 million pre-Series B round earlier.
Expanding Operations and Revenue
Founded in 2019 by Anmol, Puneet Jaggi, and Punit Goyal, BluSmart reported an annual revenue run rate of $95 million for the 2025 financial year. Co-founder Goyal mentioned that the company generated Rs 390 crore in revenue during fiscal year 2024, a significant rise from Rs 160 crore the previous year.
However, audited financial statements for these two years have not yet been filed. BluSmart’s all-electric, on-demand ride-hailing model offers scheduled pick-ups and drops, differentiating it from traditional services like Ola and Uber.
Expanding to New Cities and Markets
BluSmart officially launched its electric ride-hailing service in Mumbai this week, focusing initially on Goregaon, Bandra, and Bandra Kurla Complex.
The company, which already operates in Delhi, the surrounding National Capital Region (NCR), Bengaluru, and the UAE, plans to expand its coverage across the Mumbai metropolitan area soon. In June 2024, BluSmart also expanded internationally with a premium all-electric limousine service in the UAE.
Fleet and Infrastructure Growth
BluSmart currently operates a fleet of over 8,500 electric vehicles and maintains 5,800 charging stations across 50 hubs in Delhi NCR and Bengaluru.
These hubs, covering more than two million square feet, serve over 10,000 active driver partners. The company has completed around 21-22 million rides, collectively covering hundreds of millions of emission-free kilometers.
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