BluSmart hits $60M in annual run rate in FY24, up from $30M

EV ridehailing company BluSmart said it has crossed an annual run rate of Rs 500 crore ($60 million) in FY24, up from $30 million in the previous year.

It earned Rs 390 crore in revenue in FY24, up 2.4 times from its FY23 revenue, the company's co-founder Punit Goyal told media.

Present in Delhi and Bengaluru, BluSmart currently has a fleet of 7,300 electric cars, which it hopes to expand to 10,000 by the end of 2024 calendar year.

The company has also set up its own EV charging network across Delhi and Bengaluru. It opened up its charging facility to other fleet operators and external users recently.

"We are witnessing a rise in demand for sustainable mobility solutions, reinforcing the growth of a greener, more sustainable future," said Anmol Singh Jaggi, Co-founder of BluSmart, in a press statement.

The EV startup currently sources its vehicles from Tata, MG, and BYD, although Gensol, which is promoted by the founders of BluSmart, and is currently in the process of setting up its own EV car manufacturing. It is also widely speculated that BluSmart could purchase these cars from Gensol to bolster its electric cab fleet.

The company last raised $25 million in debt and equity from ResponsAbility, a Zurich-based climate finance company.