Private Equity

PE Fund Investments

EV startup Blu Smart raises addl $25-M from BP Ventures, Stride, others

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EV startup Blu Smart Mobility has raised USD 25 million in its follow-on Series A funding round with USD 15 million as equity - co-led by BP Ventures and Green Frontier Capital along with other existing investors - and USD 10 million as venture debt, from Stride Ventures, Alteria Capital, BlackSoil and UCIC. With this investment, the EV startup has closed its Series A1 round with USD 50 million. Founded in 2019, Blu Smart offers electric mobility services. In June 2020, it added EV car subscriptions to its offerings. Blu Smart claims to have started intercity EV services for customers travelling from Delhi NCR to Jaipur and Chandigarh. The firm plans to use the funds to expand its EV Superhubs across Delhi NCR. It will also deploy funds to add over 5,000 electric cars to its fleet.

From the Venture Intelligence PE-VC Deal Database: Between May-19 and Sep-21, Blue Smart had raised almost USD 36 M from BP Ventures, Munjal Family Office, Kalpavriksh Fund, Mayfield, Micromax, Others. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)