BluSmart eyes $100 million funding for EV expansion
Private equity funds, climate-focused investors, as well as family offices, are being engaged to take the firm to the next level of growth.
BluSmart Mobility, an electric taxi ride-hailing firm with a 100 percent electric taxi fleet, has reportedly entered talks to raise between $80 million and $100 million. According to sources, private equity funds, climate-focused investors, as well as family offices, are being engaged to take the firm to the next level of growth.
The funds raised will be directed towards expanding BluSmart’s ride-hailing business and boosting its electric vehicle (EV) charging infrastructure. This investment will help the company grow its fleet and expand operations into new cities, sources revealed.
BluSmart spokesperson speaking with Moneycontrol said that the company is built to transform urban mobility and explore growth opportunities for further expansion. That necessarily involves measuring debt and equity finance options for supporting the growth vision.
“We are fortunate to have strong support from our existing investors and are seeing significant interest from them and new investors as well. Any announcement regarding our fundraising will be made through official channels at the appropriate time,” the spokesperson said in an emailed statement.
As it currently operates in the National Capital Region and Bengaluru, BluSmart made a step into the international market in June by launching a premium all-electric limousine service in Dubai. The company is now seeking to scale even further, using an ever-rising tide of demand for sustainable mobility solutions, both here in India and abroad.
With this upcoming round of funding, BluSmart aims to accelerate its growth, contributing to cleaner urban transportation and enhancing the infrastructure needed to support the expanding electric mobility market.
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