- BluSmart seeks $300M funding to expand electric fleet to 25,000 vehicles.
- Company leases EVs from automakers, prioritizing quality over low costs.
- BluSmart targets $110M revenue by 2025 with premium services.
BluSmart, an Indian mobility company, sets its sights on securing a staggering US$300 million over the next three years.
This ambitious funding goal aims to supercharge the expansion of its electric vehicle (EV) fleet to an impressive 25,000 units, positioning BluSmart as a formidable competitor to industry giants like Uber.
Charge up! BluSmart races towards expansion
Unlike other players in India’s crowded EV scene, BluSmart does not manufacture its own EVs. Instead, its fleet comprises vehicles supplied by renowned companies such as Tata Motors, BYD, SAIC’s MG Motor, and Stellantis NV’s Citroën.
According to co-founder Punit Goyal, a portion of the raised funds will fuel BluSmart’s expansion beyond Delhi and Bengaluru.
Riding in style: quality over quantity
Differentiating itself from rivals like Uber and Ola, BluSmart operates on a long-term lease model, eliminating the need for drivers to own their cars.
Moreover, the company prioritizes quality services, allowing customers to book a car for up to 18 hours.
Goyal emphasized BluSmart’s focus on providing premium experiences over low-cost solutions, projecting an annual revenue of US$110 million by March 2025.
To read the original article: https://www.techinasia.com/indias-blusmart-aims-raise-300m-fleet-increase
