BluSmart Mobility, an all-electric on-demand ride hailing startup has secured US$7 million in pre-Series A funding from a consortium of investors according the press release by the company.
Participating investors in the round include U.S.-based VC Point Ventures, Indian VCs Venture Catalysts, Chhatisgarh Investments and Centrum Group’s private equity arm Kalpavriksh Fund.
Automotive founder-promoter Suman Kant Munjal’s family office Survam Partners, and angel investment funds Mumbai Angels, JITO Angels and Lets Venture Fund also patronized the round, according the statement.
BluSmart Mobility will invest the proceeds towards increasing fleet of electric cars available on its platform, building more charging infrastructure points for the vehicles, enhancing its technology and broadening the platform’s geographical reach, the statement noted.
Co-founder of BluSmart Mobility, Punit K Goyal said “BluSmart aims to improve the status of commuting and curbing the burden on environment caused due to transport running on fuel combustion. We are also looking at augmenting the electric vehicle uptake by expanding fast electric car charging infrastructure for an easy charging practice.”
“Our association with BluSmart is one step ahead with government of India, that is currently looking to promote electric mobility as one of the key solutions to reduce carbon emission,” President and Co-founder, Venture Catalysts, Apoorv Ranjan Sharma said in the statement.