Electric ride-hailing startup BluSmart is on track to secure $50 million in a fresh funding round, raising its pre-money valuation to $335 million. Based in Gurugram, the company has already locked in half of the targeted amount, with the rest expected to be finalized in the coming weeks.
The funding round includes a mix of existing backers, company promoters, high-net-worth individuals, and a few venture capital firms. BluSmart plans to wrap up the round by next month, marking its second major raise in six months after a $24 million pre-Series B round earlier in 2024.
BluSmart Gears Up for $50 Million Funding, Valued at $335 Million
Founded in 2019 by Anmol and Puneet Jaggi alongside Punit Goyal, BluSmart has been steadily growing its footprint in the electric mobility space. The company reported a revenue run rate of $95 million for the financial year 2025. Co-founder Punit Goyal highlighted significant growth in revenues, with FY24 earnings at ₹390 crore compared to ₹160 crore the previous year. However, audited financial reports for the last two years are still pending.
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BluSmart operates an all-electric, on-demand model with scheduled pick-ups and drops, distinguishing itself from traditional players like Ola and Uber. This week, the company launched its services in Mumbai, focusing on neighborhoods such as Goregaon, Bandra, and the Bandra Kurla Complex, with plans to expand across the metropolitan area in the near future.
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The company also recently ventured into the UAE, introducing a premium all-electric limousine service in June 2024. In India, BluSmart already operates in Delhi NCR, Bengaluru, and now Mumbai, solidifying its position as a leader in sustainable urban transport.
With a fleet of over 8,500 electric vehicles and 5,800 charging stations spread across 50 hubs in Delhi NCR and Bengaluru, BluSmart has built an infrastructure spanning over two million square feet. These hubs support more than 10,000 active driver partners, enabling the company to log over 21 million rides and hundreds of millions of emission-free kilometers to date.
BluSmart’s rapid growth and commitment to sustainable mobility are reshaping urban transportation, and with this new funding round, the company looks poised to accelerate its expansion and innovation in the electric ride-hailing sector.
