Blu Smart, India’s first all electric shared smart mobility platform for efficient, affordable, intelligent, sustainable ride-sharing, car-sharing and scooter-sharing, announced that it has raised Rs 37 crore in a pre-Series A funding round, according to media reports.
The Gurugram-based startup raised the capital from Mumbai Angels Network, Inflection Point Ventures and LetsVenture, Entrackr reported, citing people aware of the development. Some existing investors have also taken part in this pre-Series A exercise, as per the report.
The Company will utilise the fresh capital for operations, car-lease deposits, and marketing purposes. The cash will also help the company streamline itself following a drop in demand owing to the economic fallout of the Covid-19 pandemic.
Founded by Punit K Goyal, Puneet Singh Jaggi and Anmol Singh Jaggi, Blu Smart is building a comprehensive and holistic smart electric on-demand mobility platform covering the entire value chain of smart mobility, smart charging and smart parking.
Earlier, the Company had raised $3 million angel funding from several investors including Ka Enterprises LLP, the family office of actor Deepika Padukone.
Other participants in that round included JITO Angel Network, Bajaj Capital managing director Sanjiv Bajaj and Rajat Gupta, the former managing director of management consultancy firm McKinsey.
Blu Smart says it is focusing on building an all-electric ecosystem. During its angel funding round, the startup said it planned to bring on board 15,000 electric cars and 2,500 chargers on its ride-sharing platform by 2021.
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