Table of Contents
- BluSmart, founded in 2019 by Anmol Jaggi, Punit K Goyal, and Puneet Singh Jaggi, aimed to transform transportation in India through its eco-friendly electric ride-hailing services.
- On partnering with TATA Power Blusmart will now go from zero tailpipe emissions to a zero-emissions company.
- With funding of $25 million from Switzerland-headquartered impact fund ResponsAbility, they plan to expand their charging infrastructure from the current 35 stations to about 95-100 stations in the next few months.
BluSmart Mobility, a ride-sharing startup founded in 2019 by Anmol Jaggi, Punit K Goyal, and Puneet Singh Jaggi, is leading India's shift towards eco-friendly transportation in metropolitan areas.
BluSmart Mobility, a ride-sharing startup founded in 2019 by Anmol Jaggi, Punit K Goyal, and Puneet Singh Jaggi, is leading India's shift towards eco-friendly transportation in metropolitan areas.
As India's first all-electric ride-hailing service, BluSmart is not just a business but a trailblazer dedicated to improving cities and the environment. With a vision for sustainable urban transformation, BluSmart aims to expand its fleet of 6,000 electric vehicles to 10,000, focusing on electric SUVs and sedans aligning with India's goal to electrify 30% of four-wheelers by 2030.
Redefining Urban Transport: Commitment to Eco-Friendly Mobility
BluSmart has embarked on a transformative journey, setting itself as India's first zero-emission ride-hailing service. With a commitment to enhancing urban mobility, BluSmart aims to revolutionize the transportation landscape by prioritizing customer experience, driver welfare, and environmental sustainability.
The company's innovative approach contains a range of services, including zero ride denials, surge-free pricing, and strict safety protocols, all geared towards enabling a seamless and eco-conscious travel experience.
Notably, BluSmart has witnessed remarkable growth, having raised a total of $200 million in equity and debt, the value of its gross merchandise soaring by over 600% between 2022 and 2023, and a significant expansion in monthly active users, skyrocketing to 245,000 in December from 120,000 in January the previous year.
Despite facing challenges like criticism for recent introductions such as rush-hour pricing, diverging from its initial stance against surge pricing, and evolving competition BluSmart remains dedicated to its mission, evident in endeavors like BluAssure and recently the BluElite loyalty program.
As the company continues to navigate the dynamic landscape of urban mobility, its resilience, and commitment to sustainable mobility emphasize its crucial role in shaping the future of transportation in India.
BluSmart's Journey Towards a Greener Future
BluSmart recently secured a fresh intake of $25 million from the Switzerland-headquartered impact fund ResponsAbility, adding to its already substantial capital pool.
This funding, obtained through a mezzanine structure involving partial equity dilution and debt, arrives shortly after two previous rights issues, one worth $24 million and the other $42 million, accentuating BluSmart's rapid growth and investor confidence.
The main objective behind this capital raise is to strengthen the company's electric vehicle (EV) charging infrastructure, BluSmart plans to expand its existing network of 35 charging stations, equipped with a total of 4,000 chargers, to approximately 95-100 stations within the coming months.
In a comprehensive discussion with TechCrunch, BluSmart's co-founders Anmol Jaggi and Tushar Garg shed light on how they plan to utilize the fresh capital and the roadblocks and opportunities that lie ahead.
Anmol Jaggi emphasized that the focus of this funding would be on strengthening the EV charging infrastructure, highlighting the company's commitment to providing strong support for its expanding fleet of electric vehicles.
Tushar Garg reiterated BluSmart's dedication to becoming a comprehensive EV mobility player, emphasizing the importance of building a large-scale EV charging infrastructure to support both fleet and public EV charging needs.
The co-founders also spoke about BluSmart's ambitious growth plans, including the target of reaching a fleet size of 10,000 EVs by March 2024. While BluSmart currently operates a fleet of 6,000 electric cars, the company is looking forward to further expansion, with 700 additional vehicles set to join the fleet imminently.
Anmol Jaggi expressed confidence in achieving the 10,000-vehicle milestone by July, contingent upon the expansion of the charging infrastructure.
BluSmart's approach extends beyond its core business operations, which we see from its recent partnership with TATA Power Trading Company Limited (TPTCL).
Through a multi-year Power Purchase Agreement (PPA), BluSmart will transition to sourcing 100% green power for its EV fleet, marking a significant step towards becoming a zero-emissions company. This strategic alliance accentuates BluSmart's vision of environmental sustainability and its leadership in decarbonizing mobility on a large scale.
With this steady foundation in place and a clear vision for the future, BluSmart is well-positioned to drive a positive change in the realm of urban mobility while spearheading India's transition to a cleaner and more sustainable transportation ecosystem.
Edited by Annette George
