“BluSmart Charges Ahead: $300M Boost for EV Expansion and Premium Ride Experience!”

BluSmart plans to raise $300 million and expand its EV fleet to 25,000 cars within three years. The company will launch in Dubai with 100 Audi EVs, targeting premium customers and aiming to double its annual revenue to $110 million by 2025.

In the fast-growing ride-hailing market, electric cab operator BluSmart is seeking to raise more than $300 million over three years to add thousands of cars to its fleet, reported Bloomberg. BluSmart’s co-founder, Punit Goyal, said in an interview with Bloomberg that the company will increase its Indian fleet of electric vehicles to 13,000 by March, up from the current 7,500. In three years, the firm aims to have 25,000 cars.

The EVs are supplied by Tata Motors Ltd., BYD Co., SAIC Motor Corp.’s MG Motor, and Stellantis NV’s Citroën. According to Bloomberg, part of the funding BluSmart raises will go toward the company’s expansion beyond Delhi and Bengaluru. Next month, the company will launch in Dubai with about 100 Audi EVs and plans to run 300 Audi and Tesla Inc. vehicles there by December. BluSmart’s expansion plans come even as Uber and Ola dominate India’s ride-hailing market share. However, both companies are struggling to make consistent profits and face numerous complaints about deteriorating services. Meanwhile, BluSmart plans to tap into customers willing to pay more for a better experience. The startup says it can deliver because it exclusively operates its fleet of cars on long-term leases, whereas the drivers for its rivals must own their own vehicles.

“We don’t want to go to small cities because that’s not where the revenue comes from,” said Goyal. “Cheap rides, cheap quality, cheap service, and cheap pricing are not our forte.” The company also estimates that it will nearly double its annual revenue to $110 million by March 2025, based on its current monthly financial performance.