- BluSmart raised $24 million to build large EV charging hubs across India.
- The funds will help address infrastructure barriers to widespread EV adoption.
- BluSmart aims to accelerate India’s electric mobility future with rides, charging stations, and hubs.
Nationwide EV Charging
BluSmart Mobility, an Indian electric vehicle ride-hailing startup, notched $24 million in new funds to construct large-scale EV charging hubs nationwide. The round comes from BluSmart’s leadership team and undisclosed investors and founders.
Unlike rivals focused solely on manufacturing EVs, BluSmart leases electric models to grow its 5,500+ strong ride-hailing fleet in Delhi NCR and Bangalore. It also owns over 4,000 chargers across 34 charging stations.
Infrastructure Challenges
BluSmart contends infrastructure is the main barrier to widespread EV adoption in India. “Cities have challenges with finite prime locations and lack of adequate power load,” said Tushar Garg, CEO of BluSmart Charging.
The firm will leverage the capital injection to develop more high-capacity charging centers. This move aligns with its electric ride-hailing expansion plans, with BluSmart targeting nearly 8,000 EVs by next year.
Doubling Each Year
BluSmart said it already exceeds $50 million in annual revenue and is doubling in size annually. This marks the second funding round this year for the 2019-founded company on the heels of a $42 million raise in May. The firm ultimately aims to bring EVs into India’s megacities.
With rides, charging stations, and now charging hubs in the mix, BluSmart is attacking EV adoption obstacles from all angles to catalyze India’s electric mobility future.
