BluSmart’s Milestone Achievement
BluSmart, the renowned electric vehicle (EV) ride-hailing and charging provider, proudly announced on Tuesday that it has surpassed an impressive annual revenue run rate (ARR) of Rs 400 crore. This remarkable achievement showcases the company’s dedication to revolutionizing the EV sector. Operating primarily in the bustling cities of Delhi-NCR and Bengaluru, BluSmart has not only set new financial milestones but has also significantly contributed to the growth of sustainable transportation.
Driving Towards a Greener Future
BluSmart’s success story is not limited to just revenue numbers. The company has reached a significant milestone by amassing a fleet of 5,000 electric vehicles (EVs). This fleet is a testament to BluSmart’s commitment to reducing carbon emissions and providing eco-friendly transportation solutions. In addition to their expanding EV fleet, BluSmart has established over 3,900 EV charging points across 32 charging hubs strategically located in these two major cities.
“The year has been a transformative year for us, accelerating our growth exponentially. Next year too, we aim to grow very rapidly. We’ve witnessed robust demand for our service, reaffirming the continued growth of electric mobility,”
Investment and Funding
BluSmart recently secured a substantial investment of $42 million, comprising an equity round of $37 million and venture debt of $5 million. Notably, almost 50 percent of this funding was contributed by the company’s founders and leadership team, with additional support from existing energy investors. This influx of capital will undoubtedly accelerate BluSmart’s growth trajectory.
Embracing Technology and User Adoption
The BluSmart app has become immensely popular, with over 2.4 million users having already downloaded it. This underscores the growing interest in electric mobility solutions among consumers. BluSmart’s user-friendly app has played a pivotal role in making electric vehicle transportation accessible and convenient for a wide audience.
Future Plans: Scaling Up Rapidly
Looking ahead, BluSmart has set ambitious goals for the future. The company aims to have a fleet of 10,000 EVs by the end of the fiscal year 2024. This expansion plan aligns with the increasing demand for sustainable and eco-conscious transportation options. BluSmart’s commitment to reducing the carbon footprint and enhancing urban mobility is evident through its ambitious growth plans.
Securing Financial Backing
BluSmart’s financial journey has been supported by substantial investments, totaling $109 million across various rounds. This includes a noteworthy equity raise of $85 million and a substantial EV asset leasing of $150 million (Rs 1,200 crore). This financial backing has been facilitated by Development Financial Institutions such as PFC and IREDA, among others.
Conclusion
BluSmart’s achievement of surpassing the Rs 400 crore ARR is not only a financial milestone but also a significant step towards a more sustainable and eco-friendly future. The company’s commitment to electric mobility, coupled with its ambitious growth plans, positions BluSmart as a key player in the evolution of transportation in India.
(This story has not been edited by HouseofBlogger staff and is published from a syndicated news agency feed – IANS)