- BluSmart plans to triple its EV fleet from 7,500 to 25,000 within three years.
- The company will enter Dubai in June with 100 Audi EVs, aiming for 300 vehicles by December, while focusing on major Indian markets.
- BluSmart aims to raise over $300 million in three years, doubling annual revenue to $110 million by March 2025.
EV specialised ride-hailing service, BluSmart, shares big plans for future expansion
BluSmart, India’s EV ride-hailing service, plans to expand its fleet and venture into international markets. The company currently operates 7,500 EVs and aims to increase to 13,000 by March 2025. The ultimate goal is to hit 25,000 EVs within the next three years.
In June, the company will enter the Dubai market with 100 Audi EVs, aiming to increase this number to 300, including Teslas, by December. Despite its international ambitions, BluSmart’s primary focus remains on India. Its particular focus is on major markets like Delhi and Bengaluru.
BluSmart plans to raise over $300 million to fund its expansion in the next three years. The company has already secured $200 million in growth capital and $210 million in EV asset financing. It is currently raising an additional $25 million, with the funding round expected to close by late June. It’s an impressive list of figures, and one that alludes to both the EV interest booming in India, as well as a shift in the requirements of ride-hailing services. After all, as consumers become increasingly sustainability conscious (think of all that recyclable wrapping paper), we’ll expect all of our cabs to be electric soon enough.
Co-founder Punit Goyal highlighted the potential of large markets like Delhi-NCR, which he compared to “15 Singapores.” While the ride-sharing sector in India poses profitability challenges, thanks to major rivals Uber and Ola, BluSmart is optimistic. The company projects its annual revenue to nearly double to $110 million by March 2025, though it did not specify a timeline for achieving profitability.
Uber has a sustainability plan stretching to 2040, by which time the company pledges 100% zero-emissions trips, and 100% recyclable, reusable, or compostable packaging for its takeaway services. While smaller companies may have an easier time decarbonising, the immediate economic advantages of BluSmart’s electric commitment may pay dividends as the company expands.
