BluSmart, an Indian EV ride-hailing company, recently raised US $ 24 million–that is amazing. Current investors, founders, and the leadership team rallied to oversubscribe this investment round. The enormous investment is expected to undergird the development of giant EV charging super hubs, and it would be a big boost for its lofty ambitions.
BluSmart was established in 2019 and has rapidly carved out a niche for itself within India’s evolving electric vehicle market. It has also been at the forefront of building an EV charging ecosystem and creature-friendly ride hailing services. Currently BluSmart operates a fleet of more than 5,500 EVs which are mainly concentrated in the nation’s three biggest cities-Bengaluru, Delhi NCR and Chennai. With this extra funding, BluSmart is hoping it can have more impact by expanding its fleet to 8000 cars in Bengaluru and Delhi-NCR by the end of next year.
Moreover, BluSmart has more than 400 EV chargers and carefully arranged the locations of these around its 34 EV charging superhubs. This approach addresses the fundamental challenges that cities face, like a lack of perfect sites and not enough power capacity for charging EVs. BluSmart ceo-hans Wang said that cities ‘problems are caused by shortages of prime sites and inadequate electricity load. Large superhubs with hundreds of EV chargers will be built out by the company at key locations around Bangalore and Delhi-NCR.
The construction of large-scale EV charging superhubs is representative of BluSmart’s commitment to eliminating infrastructure hurdles and developing the electric mobility ecosystem. The carefully planned locations of these super hubs in urban areas ensure that EV drivers will enjoy accessibility and convenience. The goal of this program is to promote the trend toward environmentally sound forms of transportation, and accelerate use of electric cars in metropolitan areas.
In India’s electric vehicle market, BluSmart faces competition from the likes of BOLT, Ather Energy and Indian firms Cell Propulsion, CHARGE+ZONE and Chargeup. The $ 24 million means that BluSmart is well placed to take a role in this rapidly evolving field of electric vehicles (EVs), and investors are expressing their confidence in the company’s business model, its market sector positioning, and its future growth potential.
The global government’s growing clamor to slash carbon emissions and promote environmental commuting furthered the miraculous growth of electric mobility. A recent fundraising round by BluSmart shows that not only is the company itself striving to stay at the cutting edge, a sustainability mindset has also attracted increasing numbers of finance sector members willing to invest in green projects.
Overall, the raising of US $ 24 million is a major milestone in BluSmart’s quest to reshape India’s electric transportation market. With a focus on increasing its fleet and upgrading EV charging infrastructure, BluSmart seems poised to play an important role in supporting the development of electric vehicles as well as cultivating a sustainable future for urban transport.
