BluSmart’s Financials, Revenues & Funding Overview

BluSmart, founded in 2019 by Anmol Singh Jaggi, Puneet Singh Jaggi, and Punit Goyal, is India’s pioneering all-electric ride-hailing platform headquartered in Gurugram. The company focuses on sustainable urban mobility, operating a hub-to-hub model with electric vehicles leased from OEMs, emphasizing eco-friendly transportation solutions. BluSmart has expanded operations across major cities, leveraging technology for optimized route planning, dynamic pricing, and seamless user experience via its mobile app. Supported by investors including Mayfield India, BP Ventures, 9Unicorns, Z Nation Lab, and First Port Capital, BluSmart has raised over ₹1,245 Cr to scale its fleet, charging infrastructure partnerships, and technological capabilities. Despite challenges in the EV charging ecosystem and regulatory headwinds, BluSmart demonstrated substantial revenue growth from early traction, narrowing losses and improving operational efficiency. As the company navigates restructuring and prepares for profitability, strategic focus remains on expanding serviceable markets, enhancing vehicle utilization, and building resilient charging networks, positioning BluSmart as a leader in India’s electric mobility transition.

BluSmart’s revenue rose from ₹70.9 Cr in FY22 to ₹160 Cr in FY23 (↑126%) and to ₹390 Cr in FY24 (↑144%), while net losses narrowed from ₹35.37 Cr to ₹14.89 Cr (↓58%) in FY23 but widened slightly to ₹20 Cr in FY24 as operations scaled, indicating ongoing investment in expansion and infrastructure.

EBITDA margins improved from ~-179.6% in FY22 to ~-28.2% in FY23 and to ~-15% in FY24, reflecting cost control measures, operational efficiencies, and scale gains despite high infrastructure investments.

Employee count grew from ~900 in FY22 to ~1,000 in FY23 and ~1,162 in FY24, supporting fleet expansion, technology development, and customer support. Continued hiring focuses on operations, data analytics, and charging infrastructure partnerships.

• Expand electric fleet to additional metros and tier-1 cities, building charging and maintenance partnerships.
• Enhance technology for dynamic routing, predictive maintenance, and user experience improvements.
• Pursue strategic alliances with OEMs and energy providers for sustainable EV leasing and charging networks.
• Optimize unit economics by balancing utilization, pricing strategies, and cost efficiencies.
• Focus on path to profitability through scale, operational leverage, and diversified services like subscription models.

In July 2024, BluSmart raised ₹200 Cr in a funding round led by Responsability Investments, MS Dhoni’s family office, and ReNew founder, supporting expansion and infrastructure development amid broader restructuring efforts.

BluSmart’s rapid revenue growth and improving margins demonstrate strong market demand for electric ride-hailing despite infrastructure challenges. Continued focus on operational efficiencies, strategic partnerships, and sustainable expansion will be key to achieving profitability and leading India’s EV mobility transition.

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• Economic Times: BluSmart posts Rs 390 Cr revenue in FY24, up from Rs 160 Cr in FY23
• Inc42: BluSmart delays salaries, narrows loss to ₹14.89 Cr in FY23
• TheKredible: BluSmart key metrics
• Wikipedia: BluSmart