BluSmart, an Indian ride-hailing startup, has received a $25 million investment from Switzerland-headquartered impact fund ResponsAbility. The funding will be used to bolster the company’s electric vehicle (EV) charging infrastructure, with plans to expand from the current 35 stations to about 95–100 stations in the near future.
Key Takeaway
BluSmart’s $25 million investment from ResponsAbility will drive the expansion of its EV charging infrastructure, supporting the company’s growth as it aims to increase its fleet to 10,000 vehicles by the end of the year.
Expanding EV Charging Infrastructure
The investment aims to support BluSmart’s goal of increasing its EV charging infrastructure, which currently operates 4,000 chargers across 35 stations. The company plans to open its charging hubs to the public, aligning with India’s objective to electrify 30% of all four-wheelers by 2030.
Company Growth and Expansion
Since its launch in December 2019, BluSmart has rapidly expanded its fleet to 6,000 EVs, including models from MG Motor and Tata Motors. The company intends to grow its fleet to 10,000 vehicles by the end of the year, with a focus on enhancing its EV charging infrastructure to support this expansion.
Challenges and Market Response
BluSmart’s unique model of offering scheduled EV rides has garnered attention, leading to significant growth in monthly active users and gross merchandise value. However, the company faces challenges in scaling its charging infrastructure to meet its ambitious fleet expansion targets.
