BluSmart bets that the sum of its parts is more valuable than the whole

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.