EV ride-hailing startup BluSmart obtains funding worth $25 million from bp ventures
bp ventures have announced that it made its first direct investment in India, funding $13 million in EV ride-hailing and charging company BluSmart. The company led a $ 25 million Series A round that also saw support from Mayfield India Fund, 9Unicorns, and Survam Partners, along with other present investors.
As per the declaration, BluSmart will use the capital to expand its fleet of electric vehicles and charging stations from its home city of Delhi to five additional Indian cities in the next two years.
Sophia Nadur, Managing Partner at bp ventures, will join BluSmart's board, said the company announcement.
Richard Bartlett, SVP Future Mobility & Solutions, stated, "BluSmart's business model solves several key barriers to urban EV ride-hailing take-up, from the cost for drivers to the quality of customer experience. Our partnership is underpinned by shared values; caring for customers, colleagues, and the environment, and safety at the core of everything we do. We are excited to have made our first direct investment in India to grow alongside the BluSmart business."
Anmol Singh Jaggi, Co-founder, BluSmart, said, "We believe that electric mobility has huge growth potential, driven in part by the increasingly favourable economics behind electric vehicles. With that in mind, we want to redefine ride-hailing with electric vehicles, and our consumer focus has helped us to already establish a strong brand presence in our core market; to date, our vehicles have traveled over 21 million kilometres."
"This latest funding infusion will help us grow as we work with bp to help transform India's high polluting cities and redefine ride-hailing with electric vehicles," he said.