HomeStartupOLA rival BluSmart raises $24 Mn from existing investors, founders and leadership...

OLA rival BluSmart raises $24 Mn from existing investors, founders and leadership team

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How does BluSmart manage its fleet and make an operating profit? •  EVreporter
  1. BluSmart Mobility, an EV ride-hailing service and charging infrastructure operator, raised $24 million in a fresh equity round. Existing investors, founders, and the leadership team participated in this oversubscribed round.
  2. Earlier in May, BluSmart secured $42 million, with half subscribed by its leadership team. The company has amassed over $133 million in funding to date, including an $85 million Series A round across various tranches..
  3. BluSmart operates in Delhi-NCR and Bengaluru and intends to double its EV fleet size to around 8,000 across these regions by the following year.
  4. The company claimed an annual revenue run-rate exceeding $50 million (approximately Rs 400 crore) and more than 100% year-on-year growth. In FY22, its scale increased by 222% to Rs 29 crore, generated from cab and charging facility services. However, its losses reportedly surged by 66% to Rs 65.4 crore during this period.
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