BluSmart: Powering India’s Ride to a Greener Tomorrow.

Q1. When did Blusmart commence its operations and what is the their business model ?

BluSmart is India’s first and leading company that is providing all-electric ride-hailing mobility services. BluSmart commenced its operations in 2019 with a fleet of 70 EV cars. Currently the company boasts more than 5000 EV cars and bolstering more than 1 million square feet of BluSmart EV charging Superhub. 

The company started its operations in Delhi NCR and from 2023 has commenced its operations in Bangalore. In addition to this, the company provides the EV’s to the drivers which helps them to avoid ownership and the drivers are on an asset-light business model. Blusmart operates on a lease model in their books.

Finding multibagger stocks is important for building wealth. Discover potential multibaggers at Sovrenn Discovery 

Q2. How is BluSmart different from other ride hailing service providers like Uber and Ola ?

BluSmart boasts an exclusively electric vehicle (EV) fleet, setting it apart from industry giants like Uber and Ola. What’s more, they uphold a stringent no-cancellation policy, ensuring reliability for passengers. Their vehicles consistently stand out for their immaculate cleanliness and affordability, contrasting with the traditional ride-hailing competition. 

While Uber and Ola operate under an ownership model, requiring drivers to purchase their own vehicles and consequently shoulder the burden of car EMIs, BluSmart offers drivers a more flexible arrangement. Impressively, despite being a startup for just 4 years, BluSmart has earned widespread acclaim through positive word-of-mouth from satisfied customers. Blusmart has now partnered with Delhi International Airport and is now operating from Delhi Airport Terminals T1 , T2 , & T3 to provide passengers a seamless mobility experience.

Q3. Who are the founders of BluSmart and what is their current valuation ?

The founders of BluSmart are Anmol Singh Jaggi, Puneet Singh Jaggi and Puneet Goyal. Anmol and Puneet Jaggi are also the co-founders of Gensol Engineering which is a listed Solar EPC company. In their latest fund raising that occurred in the month of May it raise $42 million at a valuation of $250 million. 

In the month of April, BluSmart , has received a ₹633 crore ($77 million) loan from Power Finance Corporation (PFC) to finance 5000 electric vehicles for its platform. The founders believe that unlike Uber and Ola, their platform will start generating profits by 2024. The Co-founder Anmol Jaggi thinks that electric vehicles can generate better unit economics for drivers and the platform, while providing clean and reliable rides to users.

Investing has built huge wealth for several HNI investors. Learn investing FREE OF CHARGE at Sovrenn Education       

Q4. How does the company plan to use their funding for their expanding their operations?

Gensol, the parent company of BluSmart, plans to utilize the loan to fund a fleet of 1000 electric cargo three-wheelers, which will be leased to last-mile delivery partners. While BluSmart currently operates in the cities of Delhi and Bengaluru, the company envisions extending its service footprint within these cities in tandem with fleet expansion.

Q5. What are the challenges that the company can face in scaling up its operations and becoming profitable?

BluSmart, a four-year-old startup with impressive growth, currently operates in only two cities. The electric vehicle (EV) charging infrastructure is currently in its developmental stage, presenting a significant challenge for EV ride-hailing companies looking to expand their operations. The expansion into other tier 1 and 2 cities poses an intriguing question: will Venture Capital funds be willing to invest in another ride-hailing platform, especially when industry leaders like Uber and Ola have struggled to achieve profitability since their inception.

Also Read: Marsons Ltd. Company Profile: Products, Promoters and Clients