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.
BharatGPT’s Hanooman: Desi Artificial Intelligence Ready For March Public Launch
The Indian tech scene is about to witness a dramatic makeover as BharaGPT prepares the public launch of the ‘Made In India’ AI, Hanooman.
OpenAI Launches SORA, its Text-to-Video Generator Model
How a Homegrown Indian Sneaker Brand, Gully Labs is Embracing Indianism
Gully Labs: Redefining the sneaker culture in India
How Temples have Become a Brand in Today’s India
Odisha receives GI tags for its unique Ant chutney and black rice along with five other products
Chaudhary Group Faces Severe Scrutiny: Allegations of Abduction and Extortion Emerge Amidst Controversy
Merger Between Reliance Industries and Walt Disney Co. Starts to Take Shape
Breakthrough in Autonomous Flying Wing Technology: DRDO’s Successful Flight Trials for India’s Ghatak Drone
A Landmark Achievement in India's Aerospace Advancements
The Exponential Growth of BCCI as a Global Cricket Brand: From Modesty to Global Dominance
A Fashionable Skyward Soar: Air India’s Stylish Uniform Makeover by Manish Malhotra
Stories8 months ago
Mainstreet Marketplace: India’s Largest Sneaker Culture Start-up Secures $2 Mn in Seed Funding
Analysis6 months ago
Physics Wallah Edtech: A Revolutionary Success Story
From YouTube to Billion-Dollar Valuation: Explore how Physics Wallah transformed India's EdTech landscape with affordable education.
Analysis7 months ago
Decoding Elon Musk’s X Obsession: The Letter that Defines His Ambitions
Analysis6 months ago
Ola Electric Temasek Fundraise: Ola Electric Mobility Pvt Ltd Receives $140 Million Boost from Temasek to Accelerate Growth
Analysis5 months ago
Future-Ready Finance: CRED’s Ambitious Plans and Unconventional Success Story
Analysis8 months ago
Eyes in the sky: India’s Top 10 Drone Manufacturing Companies
Uncategorized8 months ago
The Samosa Singh story: Reinventing a Classic and Conquering the Snack Industry
Uncategorized8 months ago
Major Breakthrough for Digantra Founders: Peak XV Partners Announce $10 Million