In two separate developments, BluSmart, an Indian electric vehicle ride-hailing startup, is reportedly expanding its services to Dubai while simultaneously preparing to raise Rs 200 crore (around $25 million) in fresh funding.
Talking about its international debut in Dubai, the company has quietly launched a pilot program in the city with 100 Audi e-Tron SUVs and 130 drivers, TechCrunch reported on Wednesday. While the formal launch is slated for early June, BluSmart has already laid the groundwork by creating a dedicated subdomain for Dubai on its website. Anmol Jaggi, co-founder of BluSmart, confirmed to the media outlet about the pilot program’s commencement, hinting at further expansion plans into Abu Dhabi later this year.
The Gurugram-based startup’s foray into Dubai comes on the heels of its remarkable growth trajectory and a series of strategic funding rounds. The company, founded in 2019, has swiftly emerged as a formidable contender against industry giants like Uber and Ola by focusing on EV fleets. In January, BluSmart secured $25 million in funding from ResponsAbility, a Switzerland-based impact fund, aimed at bolstering its charging infrastructure.
Now, it is gearing up for another funding round and reportedly eyeing an infusion of around Rs 200 crore in a pre-Series B funding initiative. The funds raised are expected to fuel BluSmart’s aggressive expansion plans and support its capital-intensive business model.
The emerging ride hailing player’s financial performance also reflects its promising trajectory. The company reported revenue exceeding Rs 390 crore in the fiscal year ended March 31, 2024. This is substantially higher that Rs 160 crore in revenue it earned in the preceding year. Additionally, BluSmart boasts an annualized revenue run rate of Rs 500 crore as of April 2024. All in all, with a growing fleet of over 7,300 EVs and ambitious plans to expand to 10,000 by the end of the year, BluSmart is well-positioned to capitalize on the rising demand for sustainable transportation solutions.
