BluSmart has announced that it has exceeded INR 500 crore ($60 million) in annual run rate (ARR), growing by 102% over the previous year.
With a compound annual growth rate (CAGR) of 300% over the previous three years, BluSmart’s gross business value (GBV) has grown phenomenally and is well-positioned for future expansion. With a 4.9/5 star customer rating for emphasising sustainability, safety, and dependability along with an industry-first provision of zero cancellations, on-time arrivals, and zero-emission taxis, the company’s rise is a witness to the profound affection it has received from customers.
BluSmart is a leader in the field of vertical integration and has developed a unique business model that involves managing and maintaining both its electric vehicle fleet and charging infrastructure at scale. The company’s goal statement is “Decarbonising Mobility at Scale.”
With over 7,300 EVs, BluSmart has the biggest EV fleet in South Asia. These vehicles have driven ~460 million miles without causing any pollution, saving 34 million kilogrammes of CO2 emissions. The BluSmart charging network has expanded significantly as well, including high-traffic areas in Bengaluru and Delhi NCR. BluSmart made history earlier this year when it became the first mobility player in India to source 100% green energy and become 100% emissions-free.
Since its inception in 2019, BluSmart has steadily grown its fleet size and customer base, prioritising reliability and quality of rides, and thereby prioritising customer experience. Starting with a few pin codes in Gurgaon, remaining resilient during the tough COVID-19 impacted years, BluSmart has now got a loyal customer base in Delhi NCR and even Bangalore (where BluSmart started its operations a little over a year ago.) BluSmart aims to reach 10,000 EV fleets by the end of 2024.
Commenting on the significant growth trajectory for the company, Anmol Singh Jaggi, Co-founder, of BluSmart, said “BluSmart’s achievement of crossing INR 500 Crore ($60 Million) in Annual Run Rate marks a pivotal moment in our journey. As we surge ahead, our commitment to building a fully integrated energy infrastructure, mobility and technology business remains unwavering. We are witnessing a rise in demand for sustainable mobility solutions, reinforcing the growth of a greener, more sustainable future. Fueled by this momentum, we are poised to deepen our impact by expanding our EV fleet and charging infrastructure, catering to our ever-growing customer base.”