PE Fund Investments
EV cabs operator BluSmart Mobility raises $42-M
BluSmart Mobility, an electric ride-hailing cabs and electric vehicles (EVs) charging superhub infrastructure operator, has raised USD 42 million. The round included an equity round of USD 37 million and venture debt of USD 5 million, which saw participation from existing investors, with almost 50% of the round being subscribed to by the BluSmart founders and leadership team. BluSmart has a fleet size of 3,500 EVs operating in Delhi, NCR, and Bengaluru and plans to have 10,000 EVs in FY24. Overall, BluSmart has raised USD 109 million across its Seed to Series A2 rounds, including an equity raise of USD 85 million raised across the Series A rounds. It has also received EV asset leasing of USD 150 million (INR 1,200 crore) backed by development financial institutions including PFC and IREDA.
From the Venture Intelligence PE-VC Deal Database: Between May-19 and May-23, Blu Smart had raised over USD 50 M from BP Ventures, Kalpavriksh Fund, Munjal Family Office, BP Ventures, Arvog Ventures, Panthera Capital Ventures, Z Nation Lab, Mayfield, Samarthya Investment Advisors, Micromax, Qi Ventures, Stride Ventures, BlackSoil Capital, Alteria Capital and others. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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