BluSmart, a startup in the electric vehicle ride-hailing sector competing with Ola and Uber, has achieved significant growth in its Annual Run Rate (ARR), doubling it to Rs 500 crore (approximately $60 million) in FY24 from $30 million in FY23. This represents a remarkable 102% increase over the previous fiscal year, underscoring the company’s robust performance and expansion in sustainable transportation.
In January of this year, BluSmart secured $25 million in funding from ResponsAbility, a Swiss-based firm, as part of ResponsAbility’s $500 million climate investment strategy.
Anmol Singh Jaggi, Co-founder of BluSmart, highlighted the company’s mission, stating, “BluSmart’s achievement of surpassing Rs 500 crore ($60 million) in Annual Run Rate is a significant milestone in our journey. As we move forward, our commitment to developing a fully integrated energy-infrastructure, mobility, and technology business remains steadfast.”
Jaggi noted an increasing demand for sustainable mobility solutions, supporting the growth of a greener, more sustainable future. “With this momentum, we are positioned to broaden our impact by expanding our EV fleet and charging infrastructure to serve our expanding customer base,” he added.
BluSmart adopts a “born electric, full-stack, vertically integrated” business model, which has proven instrumental in efficiently managing and operating its extensive fleet and charging infrastructure. The company currently operates the largest EV fleet in South Asia, with over 7,300 electric vehicles.
These vehicles have collectively covered approximately 460 million clean kilometers, leading to a saving of 34 million kilograms of CO2 emissions. With the aim of “Decarbonising Mobility at Scale,” BluSmart is expanding its operational presence and enhancing its technological capabilities to support its growth.
BluSmart plans to increase its EV fleet to 10,000 vehicles by the end of 2024 and is committed to expanding its charging infrastructure in key metropolitan areas such as Delhi NCR and Bangalore.
