BluSmart
 | |
| Company type | Private |
|---|---|
| Industry | Electric vehicle ride-hailing, Charging infrastructure |
| Founded | January 14, 2019 |
| Founder |
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| Headquarters | Gurugram, Haryana, India |
Area served |
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Key people |
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| Services |
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| Revenue | ₹390 crore (FY24) |
Number of employees | 536 (February 2025) |
| Website | blu-smart |
BluSmart is an Indian electric vehicle (EV) ride-hailing and charging infrastructure company headquartered in Gurugram, Haryana. Founded in 2019, it operates India's first all-electric shared mobility platform, competing with Uber and Ola Cabs. The company owns or leases a fleet of over 7,600 EVs and manages a network of 3,900 charging stations as of 2024. BluSmart has completed over 16 million electric trips, covering 500 million clean kilometers, reducing approximately 40 million kilograms of CO2 emissions. Despite its growth, the company faced significant challenges in 2025 due to financial misconduct allegations against its founders, leading to operational suspensions in key cities. BluSmart aims to expand its fleet and charging infrastructure while promoting sustainable urban mobility.[1][2]
Founders & Leadership
- Anmol Singh Jaggi (Co-founder): Holds a degree in Economics from Sydenham College of Commerce and Economics. Previously served as CEO of Gensol Engineering, a solar energy and EV leasing firm. Jaggi has been instrumental in BluSmart's strategic vision but faced regulatory scrutiny in 2025 for alleged fund diversion.[3][4]
- Punit K Goyal (Co-founder): Graduated with a Bachelor's degree in Economics from Sydenham College of Commerce and Economics. Founded PLG Clean Energy Projects before co-founding BluSmart. Goyal focuses on operational and financial strategies.[5]
- Puneet Singh Jaggi (Co-founder): Holds a degree in Chemical Engineering from Indian Institute of Technology Roorkee. Founded Prescinto Technologies, an AI-based clean energy analytics platform. Jaggi drives BluSmart's technological innovation but was implicated in 2025 financial misconduct allegations.[6][7]
Origin & Founding Story
BluSmart was founded on 14 January 2019 by Anmol Singh Jaggi, Punit K Goyal, and Puneet Singh Jaggi in Gurugram, Haryana, with a mission to provide sustainable urban mobility through an all-electric ride-hailing platform. The founders, leveraging their experience in clean energy and technology, aimed to address India's urban pollution and transportation inefficiencies. Partnering with Mahindra & Mahindra in 2019, BluSmart launched its first fleet of electric vehicles, targeting Delhi NCR. The company differentiated itself from competitors like Uber and Ola Cabs by owning or leasing its fleet and building its own charging infrastructure, ensuring reliability and sustainability.[8][9]
Timeline
| Year | Milestone |
|---|---|
| 2019 | BluSmart founded on 14 January; partnered with Mahindra & Mahindra to launch first EV fleet in Delhi NCR.[10] |
| 2020 | Introduced multi-hour rentals and expanded to Bengaluru.[11] |
| 2021 | Launched COVID-19 vaccination drive for drivers; introduced intercity EV rides from Delhi NCR to Chandigarh and Jaipur.[12] |
| 2022 | Expanded fleet to include Hyundai Kona Electric, MG ZS Electric, and Citroen e-C3.[13] |
| 2023 | Achieved 10 million emission-free rides; crossed ₹400 crore annual revenue run-rate (ARR).[14] |
| 2024 | Raised $24 million in Pre-Series B; launched in Dubai with 100 Audi E-Tron SUVs; crossed ₹550 crore ARR.[15] |
| 2025 | Suspended operations in Delhi NCR, Bengaluru, and Mumbai due to financial misconduct allegations; SEBI barred founders from securities market.[16] |
Funding
| Date | Round | Amount | Investors |
|---|---|---|---|
| May 2019 | Seed | $3 million | Deepika Padukone, JITO Angel Network, others[17] |
| May 2023 | Series A2 | $42 million | BP Ventures, Survam Partners, BluSmart founders[18] |
| December 2023 | Rights Issue | $24 million | BP Ventures, Survam Partners, BluSmart founders[19] |
| January 2024 | Mezzanine | $25 million | responsAbility Investments[20] |
| July 2024 | Pre-Series B | $24 million | responsAbility Investments, MS Dhoni Family Office, Sumant Sinha, BluSmart founders[21] |
Business Model
BluSmart operates an asset-heavy model, owning or leasing its entire fleet of electric vehicles and managing its charging infrastructure, unlike competitors like Uber and Ola Cabs, which rely on driver-owned vehicles. The company generates revenue through ride-hailing services, EV leasing, and third-party access to its charging stations. Its customer segments include urban commuters seeking sustainable transport, businesses requiring employee transportation, and EV owners using BluSmart's charging hubs. Drivers are employed with fixed salaries and performance incentives, ensuring reliability and service quality. The BluSmart mobile app facilitates ride bookings, offering fixed fares without surge pricing, appealing to cost-conscious consumers. The company also launched "Blu Assure," allowing users to invest in EVs for assured returns.[22][23]
Products / Services
- Ride-Hailing Services: Offers all-electric cab services in Delhi NCR, Bengaluru, Mumbai, and Dubai, bookable via the BluSmart mobile app for Android and iOS. Includes multi-hour rentals and intercity rides.[24]
- EV Charging Infrastructure: Operates 50 charging hubs across 2 million sq. ft., accessible via the BluSmart Charge app for public and third-party EV owners.[25]
- EV Leasing: Leases EVs to businesses and individuals, with vehicles like Mahindra e-Verito, Tata e-Tigor, Hyundai Kona Electric, MG ZS Electric, and Citroen e-C3.[26]
- Blu Assure: Investment program allowing users to fund EVs for assured returns.[27]
Growth & Metrics
As of February 2025, BluSmart operates over 7,600 EVs across Delhi NCR, Bengaluru, Mumbai, and Dubai, with a network of 3,900 charging stations. The company has completed 16 million electric trips, covering 500 million clean kilometers, reducing 40 million kilograms of CO2 emissions. Its mobile app has over 4 million downloads with a 4.9/5 rating. BluSmart reported ₹390 crore in revenue for FY24, a 144% increase from ₹160 crore in FY23, and crossed a ₹550 crore annual revenue run-rate in 2024. The company employed 536 staff as of February 2025, a 20.1% decrease from the previous year, and supports 9,800 driver partners. Operations were suspended in India in April 2025 due to financial challenges.[28][29]
Legal Entity Information
| Field | Details |
|---|---|
| Legal Name | Blu-Smart Mobility Pvt. Ltd. |
| Foundation Date | 14 January 2019 |
| Registrar of Companies (ROC) | ROC Delhi |
| Corporate Identification Number (CIN) | U60200HR2019PTC077716 |
| Registered Address | Plot No. 2, Sector 29, Gurugram, Haryana, 122001, India |
| Email ID | info@blu-smart.com |
| Company Status | Active (suspended operations in April 2025) |
| Directors | Mitesh Shah, Anmol Singh Jaggi, Puneet Singh Jaggi, Inderpreet Singh Wadhwa (Independent) |
| Authorized Share Capital | ₹10 crore |
| Paid-up Capital | ₹5 crore |
Media & Public Recognition
BluSmart has received significant media coverage for its contributions to sustainable mobility. In 2023, it was recognized for completing 10 million emission-free rides, earning praise for reducing 24,000 tons of CO2 emissions.[32] The company was featured in outlets like Business Standard, The Economic Times, and BBC for its innovative EV ecosystem.[33][34] However, negative coverage in 2025 highlighted financial misconduct allegations, impacting its reputation.[35]
FAQs
- What is BluSmart?
- BluSmart is India's first all-electric ride-hailing and EV charging infrastructure company, founded in 2019 to provide sustainable urban mobility.[36]
- Where does BluSmart operate?
- BluSmart operates in Delhi NCR, Bengaluru, Mumbai, and Dubai, though Indian operations were suspended in April 2025.[37]
- How does BluSmart differ from Uber and Ola?
- Unlike Uber and Ola Cabs, BluSmart owns or leases its EV fleet and operates its own charging infrastructure, offering fixed fares without surge pricing.[38]
- What challenges has BluSmart faced?
- In 2025, BluSmart faced operational suspension and regulatory scrutiny due to allegations of fund diversion by its founders.[39]
External Links
Related Startups
References
- ↑ "BluSmart: India's All-Electric Ride-Hailing Mobility Company". StartupTalky. Retrieved 26 May 2025.
- ↑ "BluSmart breakdown - how the wheels came off Uber's EV rival in India". BBC. 17 April 2025. Retrieved 26 May 2025.
- ↑ "BluSmart Company Profile Funding & Investors". YourStory. Retrieved 26 May 2025.
- ↑ "BluSmart's fall signals a reckoning for India's startup ecosystem". Policy Circle. 21 April 2025. Retrieved 26 May 2025.
- ↑ "BluSmart - Platform offering all-electric cab services". Tracxn. Retrieved 26 May 2025.
- ↑ "BluSmart: India's All-Electric Ride-Hailing Mobility Company". StartupTalky. Retrieved 26 May 2025.
- ↑ "BluSmart's fall signals a reckoning for India's startup ecosystem". Policy Circle. 21 April 2025. Retrieved 26 May 2025.
- ↑ "BluSmart raises $24 million in funding from existing investors, founders". Moneycontrol. 21 December 2023. Retrieved 26 May 2025.
- ↑ "BluSmart Mobility - Crunchbase Company Profile & Funding". Crunchbase. Retrieved 26 May 2025.
- ↑ "BluSmart raises $24 million in funding from existing investors, founders". Moneycontrol. 21 December 2023. Retrieved 26 May 2025.
- ↑ "BluSmart - Platform offering all-electric cab services". Tracxn. Retrieved 26 May 2025.
- ↑ "BluSmart - Platform offering all-electric cab services". Tracxn. Retrieved 26 May 2025.
- ↑ "BluSmart: India's All-Electric Ride-Hailing Mobility Company". StartupTalky. Retrieved 26 May 2025.
- ↑ "BluSmart raises $24 million in funding from existing investors, founders". Moneycontrol. 21 December 2023. Retrieved 26 May 2025.
- ↑ "BluSmart raises $24M in pre-Series B funding". YourStory. 15 July 2024. Retrieved 26 May 2025.
- ↑ "BluSmart breakdown - how the wheels came off Uber's EV rival in India". BBC. 17 April 2025. Retrieved 26 May 2025.
- ↑ "Blu Smart Funding: Deepika Padukone boards e-mobility startup Blu Smart". Times of India. 25 September 2019. Retrieved 26 May 2025.
- ↑ "With $42M funding, BluSmart's core market "Delhi-NCR" to turn profitable by Aug". CNBC TV18. 8 May 2023. Retrieved 26 May 2025.
- ↑ "BluSmart raises $24 million in funding from existing investors, founders". Moneycontrol. 21 December 2023. Retrieved 26 May 2025.
- ↑ "BluSmart funding: Ride-hailing startup BluSmart to raise Rs 200 crore in new funding". The Economic Times. 23 May 2024. Retrieved 26 May 2025.
- ↑ "EV ride-hailing service provider BluSmart raises $24 million in funding". Business Standard. 15 July 2024. Retrieved 26 May 2025.
- ↑ "BluSmart: India's All-Electric Ride-Hailing Mobility Company". StartupTalky. Retrieved 26 May 2025.
- ↑ "Blusmart – Financial Information, Revenue, Profit/Loss, Expenses". TheKredible. Retrieved 26 May 2025.
- ↑ "BluSmart - Platform offering all-electric cab services". Tracxn. Retrieved 26 May 2025.
- ↑ "BluSmart raises $24M in pre-Series B funding". YourStory. 15 July 2024. Retrieved 26 May 2025.
- ↑ "EV ride-hailing service provider BluSmart raises $24 million in funding". Business Standard. 15 July 2024. Retrieved 26 May 2025.
- ↑ "Blusmart – Financial Information, Revenue, Profit/Loss, Expenses". TheKredible. Retrieved 26 May 2025.
- ↑ "EV ride-hailing startup BluSmart in talks to raise up to $100 million". Moneycontrol. 7 October 2024. Retrieved 26 May 2025.
- ↑ "BluSmart raises $24M in pre-Series B funding". YourStory. 15 July 2024. Retrieved 26 May 2025.
- ↑ "Blusmart – Financial Information, Revenue, Profit/Loss, Expenses". TheKredible. Retrieved 26 May 2025.
- ↑ "BluSmart - Platform offering all-electric cab services". Tracxn. Retrieved 26 May 2025.
- ↑ "BluSmart raises $24 million in funding from existing investors, founders". Moneycontrol. 21 December 2023. Retrieved 26 May 2025.
- ↑ "EV ride-hailing service provider BluSmart raises $24 million in funding". Business Standard. 15 July 2024. Retrieved 26 May 2025.
- ↑ "BluSmart breakdown - how the wheels came off Uber's EV rival in India". BBC. 17 April 2025. Retrieved 26 May 2025.
- ↑ "BluSmart's fall signals a reckoning for India's startup ecosystem". Policy Circle. 21 April 2025. Retrieved 26 May 2025.
- ↑ "BluSmart - blu-smart.com". BluSmart. Retrieved 26 May 2025.
- ↑ "EV ride-hailing startup BluSmart in talks to raise up to $100 million". Moneycontrol. 7 October 2024. Retrieved 26 May 2025.
- ↑ "BluSmart: India's All-Electric Ride-Hailing Mobility Company". StartupTalky. Retrieved 26 May 2025.
- ↑ "BluSmart breakdown - how the wheels came off Uber's EV rival in India". BBC. 17 April 2025. Retrieved 26 May 2025.