Medilytix Bureau : Electric ride-hailing startup BluSmart is reportedly close to raising $250 Mn from investors including BP Ventures. BluSmart CEO Anmol Jaggi told that the startup was expecting to finalise deals with impact funds and private equity investors by the next two months.
BluSmart Chief Business Officer Tushar Garg confirmed the development to Inc42. Garg said a few new and big investors are also participating in the round, which is expected to close in the next few months.
“BP Ventures already has a stake in BluSmart and will be one of the lead investors in this round as well,” Jaggi was quoted as saying. “Most of the other funding will come from global investors based in the U.S. and Europe.”
While Jaggi did not disclose the valuation at which the fresh funds are being raised, he noted that ride-hailing companies like BluSmart are typically valued at 15X-18X their annual revenue run rate.
Inc42 has reached out to BluSmart and would update the article if there is any addition. BluSmart plans to buy more EVs and expand its charging infrastructure using the funds. It also looks to invest more in its technology and expand the service across more Indian cities. BP Ventures has been associated with BluSmart Series A funding round. In September last year, BP Ventures led the startup’s $25 Mn Series A funding round. Though funding in several other sectors seems to see a dip recently given various factors such as economic volatility and an impending global recession, the EV industry would not have to face any such adverse funding environment, as per industry experts.

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