The fleet operator has achieved a 102% annual run rate increase compared to the previous year, growing from USD 30 million in FY23 to USD 60 million in FY24.
BluSmart, the electric vehicle-centric ride-hailing service provider, has announced it has surpassed an Annual Run Rate (ARR) of INR 500 Crore ($60 Million), showing a 102% growth compared to the previous year. The company, which also manages an EV Charging Infrastructure network, reported a Compound Annual Growth Rate (CAGR) of 300% over the past three years and anticipates continued expansion. It increased its revenue from USD 30 million in FY23 to USD 60 million in FY24.
BluSmart’s mission statement is “Decarbonising Mobility at Scale,” and it operates a fleet of 7,300 electric vehicles (EVs). Operating across Delhi NCR and Bengaluru, the company reached a 100% emissions-free status earlier this year and plans to expand its fleet to 10,000 EVs by the end of 2024. Anmol Singh Jaggi, Co-founder of BluSmart, commented on the company’s growth, stating that achieving this ARR milestone is a significant step in their journey. He emphasized their commitment to developing a fully integrated business encompassing energy infrastructure, mobility, and technology. Jaggi noted an increasing demand for sustainable mobility solutions, which supports a greener, more sustainable future. He expressed confidence in further enhancing their impact through the expansion of their EV fleet and charging infrastructure to meet the growing needs of their customer base.
Despite its smaller size compared to giants like Ola and Uber, BluSmart operates in just two locations: Bengaluru and the National Capital Region.
In the fiscal year 2023, Ola Cabs saw a 58% revenue increase, reaching INR 2,135 crore, while Uber experienced a 54% increase in operating revenue to INR 2,666 crore, with its ride-hailing revenue alone at INR 678 crore. Meanwhile, Bengaluru-based Rapido’s operating revenue tripled to INR 443 crore. Nevertheless, these companies are still not profitable. The ride-hailing sector is gaining momentum again after rebounding from a pandemic slump.
On April 12, ONDC-backed Namma Yatri, originally focusing on auto rickshaws, started offering cab services in Bengaluru with a daily subscription model, differing from the per-ride commission model used by Ola and Uber. In December, Rapido expanded its services to include cabs.
Founded in 2019, BluSmart aims to achieve INR 800 crore in revenue by fiscal year 2025, as stated by Goyal. Unlike its competitors, BluSmart owns or leases all its vehicles and charging stations and pays its drivers a fixed salary plus performance-based incentives.
The company is currently concentrating on expanding its presence in its two operational markets, NCR and Bengaluru, with customers spending an average of INR 450 per ride. However, BluSmart, backed by BP Ventures, is still some way from profitability but is expected to reach EBITDA profitability in March 2026. Goyal attributes this delay to the capital-intensive nature of the business.
The company was co-founded by Goyal, Anmol Singh Jaggi, Puneet Singh Jaggi, Anirudh Arun, Tushar Garg, Rishab Sood, and Rahul Jain. The firm has struggled to raise external capital in recent years. In mid-2022, it sought to raise USD 250 million but managed only two smaller rounds totalling about USD 66 million in 2023, including a rights issue later that year where the founders increased their stake. In January, BluSmart raised USD 25 million through a combination of debt and equity from Zurich-based climate finance firm ResponsAbility.
BluSmart’s CEO Anmol Singh Jaggi has been in the news due to alleged ties with Dubai-based hawala operator Hari Shankar Tibrewala. Following these reports, the share price of Jaggi’s listed company, Gensol Engineering, dropped, although the company clarified that Tibrewala’s investment firm, Zenith Multi Trading DMCC, held less than 1.5% of Gensol Engineering
