BuSmart has developed an app where all the applications are specifically designed for customers, drivers, dispatch centers hub operations, and charging users, allowing them to optimize their ride operations. It is an app that can be used by BluSmart’s end customers to schedule and take rides, track, etc. There is also an app for drivers that they use for reporting on duty, asset takeover/handover, servicing, tracking earnings, etc.
Also, a web application is available for the dispatch and operations team for tracking and monitoring all ongoing, upcoming and past rides as well manage all onboarding and day-to-day hub operations related to charging.
Blu Smart Mobility
BluSmart mobility was founded in June 2019, as part of the Gensol Group. It has created an e-mobility ecosystem for a cleaner environment and efficient use of resources. This service platform started with the objective of transforming Indian cities by providing electric, efficient, e-mobility solutions and cleaner battery technology. BluSmart’s unique models help solve the challenge of drivers finding it difficult to afford electric vehicles. It works towards the betterment of the environment as well as the consumers.
They have clearly stated that their mission is to steer urban India towards a sustainable means of transportation and to provide services that are efficient, affordable, intelligent, safe, and reliable, and sustainably transform the Indian cities by building a holistic and huge and successful electric mobility platform. Their long-term goal is to scale up electric vehicle deployment in India and create a comprehensive charging community network and advance electrification in the country.
Blu Smart Mobility Funding
Anmol Jaggi, founder, and CEO of BluSmart stated that they have raised almost 25 million dollars from investor funds. BluSmart Mobility has 30 investors including Alteria Capital, Green Frontier Capital, and BP Venture as their lead investors. It is also backed by Mayfield India Fund, Inflection Point Ventures, Stride Ventures, Venture Catalysts, Survam Partners, Mumbai Angels, Chhatisgarh Investments, JITO Angels, and others and helped in raising equity and debt of 25 million dollars on May 24, 2022. This brings BluSmart’s total funding to 67.1 million dollars to date. Some of the funding also comes from global investors.
Blu Smart Mobility IPO and share price
The initial public offering by BluSmart Mobility for raising funds was the sale of shares to the public. BluSmart’s offer price and share price is Rs 2925 as of 3rd September 2022.
Blu Smart Mobility Valuation
While they haven’t disclosed their full valuation, they are approximately valued at 15 to 18 times their annual revenue run rate. The company will use these funds to invest in better technology and expand its service and charging infrastructure throughout the country.
BluSmart’s model is an integration of electric vehicles which are technically and commercially viable. With improving technology, there will be more vehicle options and an increase in charging infrastructure available. The business of ride-hailing fleets will only get stronger. There will be major cost savings and carbon emission reductions. For that purpose, government support will be required. Policy measures undertaken by governments can accelerate the growth and development of the electric mobility market.