Blu Smart raises $6.6 million from Mumbai Angels, Venture Catalyst, and others

Delhi-based e-taxi startup Blu Smart has raised $6.8 million (approx Rs 51 crore) in pre-series A round funding from Mumbai Angels and others.

The new round of funding led by Mumbai Angels Networks also saw the participation of Inflection Point Ventures, Venture Catalyst, Survam Partners, Chattisgarh Investment Ltd, JITO Angel, Lets Venture, and Kaplavriksh Trust.

In a statement issued, BluSmart said, “The company will use the new round of funding to expand the number of cars on the platform, set up more charging points, improve technology and expand its geographical reach.”

Founded by Anmol Singh Jaggi and Punit K Goyal, Blu Smart offers reliable and affordable electric cab service in Delhi NCR. The company since its inception has completed clean 5,000,000+ KM with 200,000+ clean rides and has saved over 375,000+ KG of CO2.

Speaking on the Fundraise, Anmol Singh Jaggi, Co-founder of Blu Smart said, “We aim at bringing in a new narrative in the EV mobility space by giving the highest quality service as evidenced by our app rating, which is highest amongst all ride-sharing platforms and thus, transforming India’s mega-cities by providing convenient, sustainable and affordable mobility with great benefits for consumers, businesses and society at large. We will be expanding into more cities starting from Mumbai and then onwards to Bengaluru and other cities.”

Senthil Kumaran, MA Investor in its statement said, “With the world decisively moving towards Green Technology, it is exciting to see Blu Smart taking big steps in proliferating the use of electric cabs. With newer technology dramatically reducing the cost of energy storage in the recent past, Blu Smart’s push for growth seemed like the obvious thing to do, and a great opportunity for us to participate in it. As investors, it feels we have made the right choice.”

Adding to the statement, Nandini Mansinghka, Co-Promoter & CEO of Mumbai Angels Network said, “Over the last decade electrification in mobility and transportation has created significant technological advancement. As EVs gain wider adoption over the next decade or two, we see good long-term investable opportunities throughout the entire EV supply chain. We are happy to welcome Blu Smart to our diversified portfolio.”