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India stares at a 'water bomb' threat as it freezes Indus TreatyIndia readies short, mid & long-term Indus River plansShehbaz Sharif calls India's stand "worn-out narrative"January 2019: BluSmart Mobility was founded by Anmol Singh, Punit K Goyal and Punet Singh Jaggi in Gurugram.
July 2019: The startup raised $3 million in angel funding, in a round led by Jito Angel Network, Hero MotoCorp, Micromax, the office of Deepika Padukone and a few other investors.
July 2020: BluSmart launched multi-hour rental services and introduced hourly electric car rentals at Rs 199. It also launched an in-app wallet for contactless payments.
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August 2020: The startup raised a pre-Series A funding of $7.8 million from multiple investors.
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October-December 2021: BluSmart tied up with Tata Motors to increase its EV fleet by 3,000. Subsequently, it signed a memorandum of understanding (MoU) with Jio-BP -- a joint venture between Reliance Industries and BP -- to set up charging infrastructure.
May 2022: The EV cab company raised $25 million in a combination of equity and debt funding, with the equity portion led by BP Ventures and Green Frontier Capital and the venture debt funding coming from Stride Ventures, Alteria Capital, BlackSoil and UCIC.
September 2022: The company starts operations in Bengaluru.
May 2023: BluSmart raised $42 million in a mix of debt and equity from existing investors. Nearly 50 percent of the round was subscribed by founders Anmol Jaggi, Punit Goyal, Anirudh Arun, Tushar Garg, Rishab Sood, and Rahul Jain.
Venture capital fund Mayfield India also exited from the startup in May, selling its entire stake to chief executive Jaggi for around Rs 32 crore.
September 2023: It crossed an annual revenue run rate (ARR) of Rs 400 crore. By this time, the company had over 5,000 EVs in its fleet and over 3,900 charging stations.
January 2024: The company raised $25 million from Zurich-based climate finance firm ResponsAbility to expand its EV charging infrastructure.
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February 2024: BluSmart announced it will power its fleet of 6,000 electric cabs with solar energy supplied by Tata Power.
April 2024: Goyal told ET that BluSmart posted more than Rs 390 crore in revenue in the financial year 2024 compared with about Rs 160 crore in FY23.
July 2024: BluSmart raised $24 million, or Rs 200 crore, in a round led by existing investors ResponsAbility Investments, cricketer MS Dhoni’s Family Office, and ReNew founder Sumant Sinha.
December 2024: BluSmart secured Rs 100 crore in EV financing under its asset leasing initiative. Under the 'Assure by BluSmart' initiative, drivers or partners purchased electric cars and leased these cars to BluSmart.
March 2025: ET reported that US-based ride-hailing platform Uber Technologies was in the early stages of discussions to acquire BluSmart amid liquidity issues faced by Gensol Engineering, the solar engineering procurement and construction company promoted by BluSmart cofounder Jaggi.
Blusmart's fleet vehicles, mainly from Tata Motors and MG Motor, are owned by Gensol Engineering and leased to BluSmart.
April 2025: ET reported that the cash-strapped startup is planning to exit its core ride-hailing business and pivot to operating as a fleet partner of rival Uber.
Subsequently, capital markets regulator Sebi issued an interim order against Gensol Engineering and Anmol and Puneet Jaggi, over alleged financial mismanagement and fund diversion. The duo then resigned from the company board.
On April 16, the company started suspending cab operations in certain areas of Delhi-NCR, Bengaluru and Mumbai. Users reported not being able to book cabs on the company's app from Delhi Airport and certain areas of Delhi and Gurgaon.
Also Read: How the Jaggi brothers misled investors and lenders while being cleantech poster boys
( Originally published on Apr 15, 2025 )
