India: BluSmart Mobility raises $7m from Inflection Point Ventures, others

Visual from BluSmart website

Delhi NCR-based all-electric ride hailing platform BluSmart Mobility Pvt Ltd has raised $7 million or ₹51 crore in pre-series A funding from multiple investors including Inflection Point Ventures, Venture Catalysts, Survam Partners, Mumbai Angels, Chhatisgarh Investments Ltd., JITO Angels, Lets Venture Fund and Kaplavriksh Fund, the company said on Monday.

The company, which is also in talks to raise venture debt, said that the funds would be utilized in expanding its fleet, setting up electric vehicle (EV) charging infrastructure, and making technology related improvements while increasing its footprint.

Led by founders Anmol Singh Jaggi and Punit K Goyal, BluSmart had raised $3 million in a seed round in September last year. The startup also has appointed Anirudh Arun as COO and Rishabh Sood as the CTO.

The startup, which is looking to forge strategic partnerships with automotive, infrastructure and energy companies, plans to add ‘thousands of electric cars and hundreds of charging stations’ toits platform in 2021, it said.

“We are looking at augmenting the EV uptake by expanding fast electric car charging infrastructure for an easy charging practice,” said Goyal.

Mitesh Shah, Cofounder, Inflection Point Ventures said that the venture capital firm, with its vast investor base of CXOs from diverse industries including EVs, automotive and banking, financial services and insurance (BFSI), will help BluSmart in growing its fleet economically as well as expand its network.

To encourage customers to use the ride hailing services, the startup said it is implementing key hygiene and safety measures such as monitoring the health status of drivers daily, customers pre-ordering a mask while booking their rides, among others.

This article was first published on livemint.com

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.