BluSmart, a startup in electric mobility based in Delhi NCR, has achieved an impressive milestone by reaching an annual run rate (ARR) of INR 500 crore ($60 million) in FY24, marking a remarkable growth of 102% compared to the previous year.

Over the past three years, BluSmart has experienced extraordinary growth in its gross business value (GBV), boasting a staggering Compound Annual Growth Rate (CAGR) of 300%.

This growth is credited to BluSmart's exceptional customer service, evidenced by its 4.9/5 star rating. Their pioneering initiatives such as zero cancellations, punctual arrivals, and eco-friendly cabs have resonated well with customers.

Anmol Singh Jaggi, one of BluSmart's co-founders, expressed optimism about the surge in demand for sustainable mobility solutions, emphasizing their commitment to expanding the electric vehicle fleet and charging infrastructure to meet the escalating needs of their expanding customer base.

This significant achievement follows BluSmart's recent announcement of plans to secure $25 million (approximately INR 208 crore) in funding from responsAbility Investments AG, a Switzerland-based impact investor, in a mezzanine structure.

Founded in 2019 by Jaggi and Punit K Goyal, BluSmart operates EV ride-hailing services and charging infrastructure across Delhi NCR, Bengaluru, and other major Indian cities.

Since its inception, BluSmart has steadily grown its fleet and aims to achieve a fleet size of 10,000 EVs by the end of 2024. The company boasts the largest EV fleet in South Asia, with over 7,300 vehicles covering approximately 460 million clean kilometers, resulting in a saving of 34 million kilograms of CO2 emissions.

Competing against players like Lithium, eee-Taxi, Snap-E Cabs, Ola, and Uber, BluSmart has garnered investment from notable firms including Alteria Capital, BlackSoil, Stride Ventures, Mumbai Angels, BP Ventures, and LetsVenture.

Despite robust business growth, BluSmart faced a widening consolidated net loss in FY22, increasing by 66% year-on-year to INR 65.5 crore, primarily due to rising expenses.

Indian EV startups are gaining momentum among investors by offering various services such as sustainable mobility, energy infrastructure, commercial mobility, and battery management systems, contributing to a reduction in carbon emissions and providing cost-effective alternatives to fossil fuels.