Key Takeaways

With investor sentiments around the EV space souring, BluSmart is adopting a novel strategy to maximise its value

It is hoping to attract separate investment for each of its three subsidiaries

A similar approach is being followed for Gensol Engineering—another holding company that counts BluSmart’s founders as promoters and shares synergies with BluSmart

Combined, BluSmart and Gensol form a renewable energy ecosystem that complement each other while also servicing third-party clients

All through the second half of 2022, reports swirled that BluSmart Mobility—India’s largest all-electric cab operator—was on the cusp of raising a $250 million funding round.

It never materialised.

Instead, in May of this year, the Gurugram-headquartered company finally announced it had raised just $42 million from existing investors. “The term sheet was ready for the $250 million round, but the current shareholders and incoming shareholders could not agree on certain terms,” Anmol Singh Jaggi, co-founder and CEO of BluSmart, told The CapTable.

Despite the funding setback, BluSmart has continued to pick up speed. It recently announced that its annual revenue run rate has touched Rs 400 crore, and Jaggi said he expects this to rise to Rs 1,000 crore by March 2024. BluSmart is also expected to add a further 2,000-3,000 cabs to its 5,000-strong fleet by the end of this year, said Jaggi. The company has already added more than 1,200 cabs to its fleet since the start of 2023.