To grow its fleet and penetrate new markets, BluSmart Mobility is seeking to raise $25 million from both new and existing investors in a pre-series B fundraising round.
The fundraising development occurred four months after the company declared that asset manager responsibility Investments AG, located in Switzerland, would contribute up to $25 million (about Rs 208 crore).
Leading development financial institutions supported the BluSmart Mobility $200 million long-term and sustainable EV asset fundraising in December 2023, in addition to securing a $24 million equity round.
For the new fundraise, BluSmart Mobility has issued more than 1 million pre-series B preference shares at an issue price of Rs 1,830 each, according to regulatory filings made by the firm with the Registrar of Companies.
The EV firm was founded in December 2019 by Anmol Jaggi, Punit K Goyal and Puneet Singh Jaggi with the idea of bringing a new, greener ride-hailing option to the massive Indian market.
The firm raised $109 million across its seed and Series A rounds to date.
BluSmart Mobility claims to have crossed $50 million in annual revenue run rate and is growing at more than 100 per cent year-on-year. It has an ecosystem with over 4,000 EV chargers across its 35 charging locations in Delhi-NCR and Bangalore. Besides, it has around 6,000 EVs as part of its ride-hailing business.
BluSmart Mobility is on an expansion spree. In a media statement last month, the firm said that it plans to ramp up its existing fleet count to 10,000 electric cars by the end of this year. The firm is also entering newer international markets like the UAE.