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BluSmart raising $24 Mn in pre Series B


BluSmart Mobility, an electric vehicle (EV) ride-hailing service and operator of EV charging superhub infrastructure, is in the process of raising approximately $24 million (Rs 200 crore) in a pre-Series B round. According to regulatory filings accessed from the Registrar of Companies, BluSmart’s board has approved the issuance of 10,92,890 pre-Series B preference shares at an issue price of Rs 1,840 each to raise the said amount. The company has emphasized the necessity of heavy capital to meet its general corporate requirements, indicating its capital-intensive nature.

While the specific investors participating in this round haven’t been disclosed, BluSmart is already backed by notable names such as BP Ventures, Survam Partners, Mayfield India Fund, and others. The company has previously raised significant funds, with its leadership team subscribing to 50% of a $42 million round in May the previous year, followed by additional investments in December and January.

BluSmart boasts a network of over 4,400 EV chargers across 36 EV charging superhubs and has added 7,000 electric vehicles (EVs) to its fleet. Founded in 2019 by Anmol and Puneet Jaggi along with Punit Goyal, BluSmart stands out from competitors like Ola Cabs and Uber by offering scheduled pick-up and drops with a fleet entirely comprised of electric vehicles. The company is also expanding into the Dubai market, with plans for an official launch in the first week of June.

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