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EV Startup BluSmart Raises $42 Million from BP Ventures

EV cab startup BluSmart has raised $42 million in funding from BP Ventures and others.

BluSmart Mobility, an Indian ride-hailing startup using electric vehicles, rose $42 million amid a battle against the two dominant operators, Uber Technologies and Ola Cabs.

Investors comprise BP Ventures holding 20% equity. Presently, BluSmart is valued at $250 million, its co-founder Anmol Jaggi told Bloomberg News.

Headquartered in Gurgaon outside New Delhi, BluSmart was established in December 2019 by Jaggi with four other people to bring a new, greener ride-hailing alternative to the huge Indian market. It mounted $109 million across its seed and Series A rounds.

But amid Covid-19, almost all such services witnessed a huge brake. The market is now improving and recovering from losses, and the startup has extended to cover two of India’s biggest metropolitan cities, i.e., Delhi and Bangalore.

While Ola and Uber integrated some EVs into their large fleets, Jaggi observes an opportunity to offer customers EVs exclusively to generate better income for drivers while servicing clean and reliable rides.

BluSmart finances drivers’ cars, creates electric charging infrastructure, getting involved in electric-car manufacturing with partner GenSol Engineering Ltd.

The firm will use the latest round of capital to cover all areas of major cities and more than double its fleet to 10,000 over 2024-25.

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