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BluSmart In Talks To Raise $250 Million In A Series B Round: Report

Prior to this, the ride-hailing start-up bagged a $100 million credit line to purchase 7,000 electric vehicles

BluSmart In Talks To Raise $250 Million In A Series B Round: Report
POSTED ON January 05, 2023 12:19 PM

Gurugram-based electric mobility start-up BluSmart is in talks with investors to raise $250 million in a Series B funding round, YourStory reported. 

According to a statement by co-founder Anmol Jaggi, the existing investors may infuse $50 million into the company. A climate and pension fund can invest the additional amount. 

The founders, Anmol Jaggi and Punit Goyal will contribute $10-20 million. Other shareholders including the British oil company (the investment arm of British Petroleum) and BP Ventures, will invest the rest. 

Prior to this, the ride-hailing start-up bagged a $100 million credit line to purchase 7,000 electric vehicles (EVs). Additionally, it received Rs 267 crore as a loan from the state-run Indian Renewable Energy Development Agency (IRDEA) to buy 3000 EVs in March. 

Till date, it has raised $75 million in funding from investors like LetsVenture, Mumbai Angels, 9Unicorns, BP Ventures and Inflection Point Ventures. 

According to YourStory, BluSmart is likely to utilise the funds for technological advancements. Additionally, it will spend money to increase its charging infrastructure. It is planning to set up 8,000 EV charging stations from the existing 1,600. Additionally, it plans to increase to escalate the number of EV cabs to 40,000. 

Founded in 2019, the company operates more than 3,000 EVs and has partnered with 5,000 driver partners. 
 

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