- It is bp venture’s first direct investment in India and tenth in the mobility space
- The investment will help BluSmart bring its electric vehicles and charging stations to five major cities
bp ventures has made its first direct investment in India, investing $13 million in EV ride-hailing and charging company BluSmart. It led a $25 million Series A round that also saw support from Mayfield India Fund, 9Unicorns and Survam Partners, alongside other existing investors. Sophia Nadur, managing partner at bp ventures, will join BluSmart’s board. bp ventures was set up 10 years ago and has invested almost $800m in more than 60 companies across seven geographies.
BluSmart will use the capital to expand its fleet of electric vehicles and charging stations from its home city of Delhi to five additional Indian cities in the next two years.
BluSmart estimates that they have already saved over approximately 1,500 tonnes of CO2, with more than 650,000 passenger trips completed to date, covering 16 million + kms.
In September 2020, BluSmart had raised $7M from multiple investors including Inflection Point Ventures, Venture Catalysts, Mumbai Angels, Chhatisgarh Investments Ltd, JITO Angels, Lets Venture Fund and Kaplavriksh Fund. The start-up had previously raised $3M in seed round in Sept 2019.
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