- In FY22, BluSmart’s operating revenue surged to over 200%, reaching Rs 29 crore, compared to the previous year’s Rs 9 crore
- Despite a 66% increase in net loss to Rs 65 crore in FY22, BluSmart’s Anmol Singh Jaggi stays resolute, highlighting EBITDA positivity
BluSmart Mobility, India’s eco-conscious ride-hailing pioneer, has surged past the Rs 400 crore Annual Revenue Run Rate (ARR) milestone as of August 2023, marking a remarkable increase of nearly 60 percent from the close of the previous fiscal year. Co-founder Anmol Singh Jaggi has disclosed that this exceptional growth can be attributed to the surge in ride bookings and a substantial fleet expansion.
In a span of a few months from March 2023, BluSmart expanded its fleet with over 1,200 electric vehicles, elevating the daily trip count per car from six to 7.5. Key to their growth strategy was the introduction of new features, including monthly scheduled rides, a move that gained swift traction among passengers.
Notably, BluSmart ventured into premium vehicle offerings in Bangalore, and this move quickly gained traction. Moreover, they introduced a feature that enables passengers to book rides for an entire month, mirroring the convenience of daily grocery orders. This innovation has successfully captivated users.
In fiscal year 2022, BluSmart’s operating revenue surged to Rs 170 crore, marking a 200 percent increase compared to the previous year’s Rs 9 crore. The meteoric rise was propelled by a surge in trip bookings and the introduction of innovative features.
While the company’s net loss expanded by 66 percent to Rs 65 crore in FY22, BluSmart’s co-founder, Anmol Singh Jaggi, remains undaunted. He proudly declares that the company has achieved EBITDA positivity by emphasizing revenue augmentation over drastic cost-cutting measures, emphasizing that the road to profitability is paved with consistent revenue growth.
Founded in December 2019, BluSmart has expanded its services to encompass two of India’s largest cities, Delhi and Bangalore. BluSmart’s dedication to green mobility extends beyond ride-hailing. They provide financing options for drivers to acquire electric cars, collaborate with partners to establish charging infrastructure, and have even ventured into electric car manufacturing in partnership with GenSol Engineering Ltd. Notably, BluSmart procures its EVs from Tata Motors and has set a bold target to double its existing fleet of 5,000 electric vehicles to a substantial 10,000 by March 2024.
In May 2023, BluSmart secured an investment of $42 million from the investors, including BP Ventures. The company is presently valued at $250 million, with the founders actively participating in the most recent funding round.
(This article is assisted by Chat GPT)
