An EV startup, BluSmart raised $24 million in a pre-Series B round from its existing investors

Thursday, 23 May 2024, Bengaluru, India

Here, we are talking about An EV startup, BluSmart, which raised $24 million in a pre-Series B round from its existing investors:

BluSmart, a Dehi-NCR-based EV startup, is raising a $24 million fund from its existing investors in a pre-series B round. 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 participate in the funding round. The company’s filing also mentioned heavy capital requirements to meet corporate requirements. The startup raised $42 million from its existing investors in May, $24 million in December, and $25 million in January this year. 

The company’s regulatory filing 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. The company will use the money to strengthen its platform and reach more people worldwide. The amount raised during this round will be used to build EV solutions for team expansion and scaling up operations to increase the platform’s performance capability. 

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

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 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, offering a scheduled pick-up and drop time. The startup has a 144% increase in revenue 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 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, with 24% of India’s mobility.