Connect with us

Stories

BluSmart’s Founders Accelerating EV Adoption and Reversing Climate Change

Published

on

BluSmart is a Gurugram-based ride-sharing company that offers electric vehicle (EV) cabs in India. BluSmart’s Founders Anmol Singh Jaggi, Puneet Singh Jaggi, and Punit K Goyal, the company aims to reduce air pollution in Delhi by promoting the use of EVs. BluSmart has raised $42 million at its initial stage from investors like BP Ventures, Inflection Point Ventures, Let’s Ventures, and others. The funds raised will be used for manufacturing 10,000 cabs and expanding into various cities.

BluSmart’s Vision to Reduce Air Pollution

BluSmart’s primary vision is to reduce air pollution in Delhi, India, by promoting the adoption of EVs. To achieve this goal, the company has launched a campaign called #MyBluKms. The campaign encourages people to choose EV cabs over conventional ones and take a pledge to reduce air pollution in Delhi. The campaign has received a positive response from the public, and BluSmart has gained significant traction in the market.

How BluSmart Raised $42 Million

The founding members and the leadership team of BluSmart have raised half of the funding, i.e., $21 million. The company has raised the remaining $21 million through equity and venture debt. BP Ventures, the investment arm of British oil company BP, holds about 19.7% of BluSmart and is the single largest investor in the company.

BluSmart’s Performance and Market Impact

BluSmart has tripled its monthly revenue in the past three quarters, indicating its rapid growth in the Indian market. The company is planning to expand into other big cities in India to further increase its revenue. Its focus on sustainability and profitability, with a larger purpose to accelerate EV adoption and reverse climate change, is a significant threat to existing online cab services like Ola and Uber.

BluSmart does not promote surge pricing or ride cancellations. Ola and Uber’s practice of canceling rides at the last moment puts customers in an uncomfortable situation. In contrast, BluSmart is a great alternative for users, as drivers do not cancel rides. The company has a policy in which drivers earn Rs. 60 per hour instead of taking a percentage from their earnings. Therefore, drivers are less likely to cancel rides, regardless of the distance or traffic.

BluSmart has also hired female drivers, promoting women’s empowerment in India. This approach has enabled the company to attract more customers, especially women, who feel safer and more comfortable using the company’s services. BluSmart’s policies and approach towards sustainability have made it a popular choice among users, and the company is giving tough competition to other online cab services.

BluSmart’s Future Plans

BluSmart plans to manufacture 40,000-50,000 EVs over 12-18 months, reducing operating costs from around Rs. 1.4 per kilometer to less than Rs. 1 per kilometer. This reduction in operating costs will make BluSmart’s services about eight to nine times cheaper than a petrol car on average. This move will significantly reduce pollution levels in India.

BluSmart has so far raised $75 million and is awaiting another $250 million capital infusion and a $100 million credit line to expand its reach. The company’s vision to reduce air pollution in Delhi by promoting the adoption of EVs is gaining momentum, and BluSmart has a great chance of becoming very successful in the near future.

Conclusion

BluSmart’s Founders focus on sustainability and profitability, combined with its innovative approach, has made it a game-changer in the Indian ride-sharing market. The company’s efforts to promote EV adoption and reduce air pollution in Delhi have gained significant traction and support from investors and the public alike. With its plans to manufacture tens of thousands of EVs and expand its reach across India, BluSmart is poised to become a major player in the ride-sharing industry, offering customers an eco-friendly and affordable alternative to traditional petrol cabs. As the world continues to grapple with the challenges of climate change, BluSmart’s vision and commitment to sustainability offer hope and inspiration for a better, cleaner, and greener future.

Read more brand NewsStories, and market analysis on various industries from automobiles to fashion at Brandz Watch | Follow on Twitter Youtube  

Continue Reading
Click to comment
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments
M3M India: Crafting Architectural Marvels and Changing the Skylines of Gurugram
Latest3 days ago

M3M India: Crafting Architectural Marvels and Changing the Skylines of Gurugram

Coca-Cola Ventures into Tea Territory with ‘Honest Tea’
Latest5 days ago

Coca-Cola Ventures into Tea Territory with ‘Honest Tea’: A Refreshing Fusion of Tradition and Innovation
Coca-Cola Ventures into Tea Territory with ‘Honest Tea’

Amazon's AI Ready Initiative: Unlocking the Power of AI
Latest6 days ago

Amazon’s AI Ready: Unlocking the Power of AI
Amazon Aws: Amazon's AI Ready

Open AI Fires ChatGPT CEO Sam Altman: Artificial Intelligence Front Runner Ousted Over a Google Meet Call
Latest1 week ago

Open AI Fires ChatGPT CEO Sam Altman: Artificial Intelligence Front Runner Ousted Over a Google Meet Call
On November 18, 2023, ChatGPT's parent company, Open AI, fired its CEO and Co-Founder, Sam Altman, over inconsistent communications.

InterGlobe Enterprise Prepares to Take Taxis off Ground via Aviation Archer
Latest1 week ago

InterGlobe Enterprise Prepares to Take Taxis off Ground via Aviation Archer
Indigo's parent company, InterGlobe Enterprises, partnered with Archer Aviation to launch an electric air taxi service in India by 2026, with Delhi, Mumbai and Bengaluru being the focus cities.

Sabyasachi Mukherjee: Sabyasachi's Recent Bridal Collection Ignites Social Media Controversy
Latest3 weeks ago

Sabyasachi Mukherjee: Sabyasachi’s Recent Bridal Collection Ignites Social Media Controversy
Sabyasachi's Recent Bridal Collection Ignites Social Media Controversy

WeWork files for bankruptcy
Analysis3 weeks ago

WeWork files for bankruptcy: From Billion-Dollar Valuation to Bankruptcy
WeWork's Dramatic Fall: From Billion-Dollar Valuation to Bankruptcy

Saudi Arabia eyes stake in $30 billion (IPL) Indian Premier League
Analysis3 weeks ago

Saudi Arabia eyes stake in $30 billion Indian Premier League
Saudi Arabia Eyes Multibillion-Dollar Stake in IPL, Redefining the World of Cricket

Apple Warns Of State-Sponsored Attacks
Analysis3 weeks ago

Apple Warns Of State Sponsored Attacks; All You Need to Know About the Latest Cyber Scare and the Lockdown Mode
Apple unexpectedly made its way into the Indian political landscape when it sent out notifications to several prominent. Indian politicians, activists and media personalities alerting them of a ‘State-Sponsored Attack’.

ODI World Cup 2023
Latest4 weeks ago

ODI World Cup 2023: Investigation Initiated into Alleged Cricket World Cup Ticket Black Marketing
Investigation Initiated into Alleged Cricket World Cup Ticket Black Marketing

Topics

Editor's Pick

0
Would love your thoughts, please comment.x
()
x