BluSmart is set to raise $50 million (Rs 425 crore) in its ongoing Series B funding round, elevating its pre-money valuation to $335 million (Rs 2,750 crore). The startup has already secured half the target amount, with investments from existing backers, High-Net-worth Individuals (HNIs), promoters and venture capital firms. The round is expected to close by next month.
BluSmart has achieved an annual revenue rate of $95 million (Rs 815 crore) for FY2025, compared to Rs 390 crore in FY24 and Rs 160 crore in FY23. Punit Goyal, Co-founder, BluSmart, noted the rapid expansion, emphasising the company’s strong performance.
As part of its growth strategy, BluSmart has expanded its operations to Mumbai, initially covering Goregaon, Bandra and Bandra Kurla Complex (BKC) under an invite-only model, with plans to scale citywide soon. The expansion comes after the company launched its first international operations in the United Arab Emirates (UAE) in June 2024, offering premium all-electric limousine services.
Founded by Goyal, along with Anmol Jaggi and Puneet Jaggi, BluSmart’s focus on sustainability and innovation distinguishes it from competitors like Ola and Uber. The funds raised will strengthen its fleet and infrastructure, driving the next phase of growth.
