BluSmart Electric vehicle funding

BluSmart Secures $24 Million in Funding from MS Dhoni Family Office and ReNew Power CEO

Electric vehicle (EV) ride-hailing firm BluSmart has announced a significant milestone in its growth journey. The company has successfully raised $24 million (approximately ₹200.58 crore) in a pre-Series B funding round. This latest investment round saw substantial contributions from prominent investors, including the MS Dhoni Family Office and Sumant Sinha, CEO of ReNew Power.

Details of the Funding Round

Major Investors and Contributions

On July 15, BluSmart disclosed the successful completion of its pre-Series B funding round, raising $24 million. The round attracted new investors such as responsAbility Investments AG, a Switzerland-based asset manager, along with Sumant Sinha and the MS Dhoni Family Office. Existing investors and BluSmart founders also participated in this round, showcasing strong continued support for the company.

Utilization of Funds

BluSmart plans to utilize the newly raised funds to expand its operations and construct real EV charging infrastructure and assets in India’s megacities. This strategic investment aims to bolster the company’s presence in the rapidly growing EV market in India, enhancing its service offerings and operational capabilities.

Background and Previous Investments

Previous Funding Rounds

This latest funding comes just four months after BluSmart announced an investment commitment from responsAbility Investments AG, which pledged up to $25 million (around ₹208 crore) in the firm. In December, BluSmart successfully secured $24 million in an equity round and raised long-term and sustainable EV asset funds worth $200 million (around ₹1671 crore).

Company’s Growth Trajectory

Since its inception in December 2019, BluSmart has raised a total of $109 million (₹911 crore) across its seed and Series A rounds. The company’s consistent ability to attract substantial investments highlights its strong growth potential and the increasing demand for EV services in India.

Strategic Partnerships and Initiatives

Power Purchase Agreement with Tata Power

In February, BluSmart signed a power purchase agreement with a subsidiary of Tata Power to source green power. This agreement aligns with BluSmart’s commitment to sustainability and its mission to provide environmentally friendly transportation solutions.

Expanding EV Infrastructure

The funds raised in the latest round will be instrumental in expanding BluSmart’s EV charging infrastructure. The company aims to develop a robust network of charging stations in India’s megacities, making EV adoption more convenient and accessible for consumers.

Significance of the Investment

Boosting EV Adoption in India

The investment from high-profile entities like the MS Dhoni Family Office and Sumant Sinha underscores the growing confidence in BluSmart’s business model and its potential to drive EV adoption in India. As the country seeks to reduce its carbon footprint and promote sustainable transportation, BluSmart’s efforts are well-aligned with national priorities. BluSmart Electric vehicle funding

Strengthening Market Position

With the new funding, BluSmart is poised to strengthen its market position and expand its service offerings. The development of advanced EV infrastructure will enable the company to cater to a broader customer base and enhance the overall user experience. BluSmart Electric vehicle funding

Conclusion

BluSmart’s successful $24 million funding round marks a significant achievement in its growth journey. The substantial investments from the MS Dhoni Family Office, Sumant Sinha, and other prominent investors reflect strong confidence in the company’s vision and potential. As BluSmart continues to expand its operations and develop critical EV infrastructure, it is well-positioned to lead the EV revolution in India’s transportation sector.

FAQs

What is BluSmart, and what does it do?

BluSmart is an electric vehicle ride-hailing firm that provides eco-friendly transportation services. It focuses on promoting sustainable mobility solutions by leveraging electric vehicles and developing EV infrastructure.

Who are the major investors in BluSmart’s latest funding round?

The major investors in BluSmart’s pre-Series B funding round include the MS Dhoni Family Office, Sumant Sinha (CEO of ReNew Power), and responsAbility Investments AG.

How will BluSmart utilize the funds raised in the latest round?

BluSmart plans to use the funds to expand its operations and construct EV charging infrastructure and assets in India’s megacities, enhancing its service offerings and operational capabilities.

What is the significance of BluSmart’s partnership with Tata Power?

BluSmart’s power purchase agreement with Tata Power’s subsidiary aims to source green power, aligning with the company’s commitment to sustainability and promoting environmentally friendly transportation solutions.

How much total funding has BluSmart raised so far?

Since its inception, BluSmart has raised a total of $109 million (₹911 crore) across its seed and Series A funding rounds, including the latest pre-Series B round.