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.
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.
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