BluSmart Mobility, a Dehi-NCR-based EV startup is raising a $24 million fund in a pre-series B round from its existing investors. The startup offers an EV service and EV charging stations. The equity or pre series B round is expected to see participation from BP Ventures, 9Unicorns, JITO Angel Network,  Survam Partners, Green Frontier Capital, Stride Ventures, and more.  

According to a report by Entrackr, existing investors will be participating in the funding round. The  company’s filing also mentioned the requirement of heavy capital to meet corporate requirements.  The startup previously raised $42 million from its existing investors in May, followed by an additional  $24 million in December and $25 million in January this year. 

The regulatory filing of the company mentioned that the board passed a special resolution to issue  10,92,890 pre-series B preference shares at issue prices of Rs 1,840 each to raise Rs 200 crore. They’ll  use the money to make their platform stronger and reach more people around the world. The amount  raised during this round will be used to build EV solutions for the team expansion, scaling up operations  to increase the performance capability of the platform. 

Founded in 2019 by Puneet Jaggi, Anmol, and Punit Goyal, the startup follows the on-demand model  as it offers a scheduled pick-up and drop-off time. It claims to operate over 4,400 Electric vehicle chargers across 36 Electric Vehicle charging hubs. The Co-Founder of BluSmart Mobility, Punit Goyal  said that the startup recorded an increase in revenue as it went to Rs 390 crore in FY24 from Rs 160  crore in FY23. They’ll close their pre-series B funding round next month. BluSmart Mobility reported  a 144% increase in its revenue as compared to FY23. Inc42 mentioned that the company has provided  more than 10 million rides and 330 million km of travel to date. 

Conclusion: 

BluSmart is an EV startup, raising a $24 million fund in a pre-series B round from its existing investors. The company’s regulatory filing reported that to raise Rs 200 crore the board passed a special  resolution to issue 10,92,890 pre-series B preference shares at issue prices of Rs 1,840 each. Investors  who are likely to participate in the funding round include BP Ventures, 9Unicorns, JITO Angel Network,  Survam Partners, Green Frontier Capital, Stride Ventures, and more. BluSmart follows the on-demand  model as it offers a scheduled pick-up and drop time.

The startup has a 144% increase in its revenue  as compared to FY23 and is said to be closing its equity round by the end of June. The startup claims  to operate over 4,400 Electric vehicle chargers across 36 Electric Vehicle charging hubs. The electric  vehicle market is growing gradually across the Country as consumers are becoming increasingly  conscious about the environment. Delhi NCR is the largest market in India 24% of India’s mobility.