EV ride-hailing startup BluSmart raises $24 million
BluSmart has raised $24 million, or around Rs 200 crore, in fresh capital from some of its existing investors, founders and leadership team, the company said in a statement on Thursday.
This makes it the second successive funding round for the Gurugram-based startup. The funding was in the form of a rights issue, and has not seen participation from new investors. The round also saw BluSmart’s founders increasing their stake in the company.
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Offering CollegeCourseWebsiteNorthwestern UniversityKellogg Post Graduate Certificate in Product ManagementVisitIndian School of BusinessISB Product ManagementVisitIIM KozhikodeIIMK Senior Management ProgrammeVisitOn May 4, ET reported that the EV startup had raised $42 million, of which $37 million was an equity fundraise, and the remainder debt, from existing investors. During that funding round, almost 50% of the issue was subscribed by the company's six founders – Anmol Singh Jaggi, Punit Goyal, Anirudh Arun, Tushar Garg, Rishab Sood, and Rahul Jain.
The company’s existing investors include BP Ventures, Green Frontier Capital, Survam Partners (where Hero Group’s Akshay Munjal is a partner), and 9 Unicorns. BluSmart has also earlier raised venture debt from firms such as Stride Ventures, Alteria Capital and BlackSoil.
BluSmart did not disclose which investors have participated in the latest rights issue.
Venture capital fund Mayfield India was also an investor in BluSmart, but in May the firm sold its entire stake in the startup to Jaggi, the company’s cofounder and chief executive officer, for around Rs 32 crore.
Currently, BluSmart operates in the Delhi-National Capital Region (NCR) and Bengaluru through 5,500 cabs. The
