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With high fuel prices and global warming becoming a major thing, the era for electric vehicles is here. People aren’t aware and assume that electric vehicles are a recent invention, but in reality, they have been here for many years. The main reason for this thought process is that in recent years, the inventions of these electric vehicles (EVs) are gaining popularity with the right set of technological advancements and innovations.

People are also becoming aware and are considering EVs as potential substitutes for cars with internal combustion engines to cut back on emissions that cause global warming. Today, we can see a lot of countries have introduced electric vehicles as a better substitute to help combat climate change. A lot of people have also started using EVs to keep up with the rising fuels.

You are wondering what is it that makes an EV better than a traditional type of vehicle. This is because as the name says, EVs are powered by electricity. There are more diverse ways to create electricity; for instance, it can be done using fossil fuels, wind, solar, tidal, nuclear, or a mix of any of these.

In India too, the fad for EVs is here in the market today. Having said that, one such company is capturing many eyeballs by introducing 100% sustainable electric rides in the country’s streets. BluSmart is India’s first and leading company that provides all-electric ride-hailing mobility services.

Find out more about BluSmart’s startup story, founders and team, business model, revenue model, growth, competitors, and more.

BluSmart – Company Highlights

About BluSmart
BluSmart – Industry
BluSmart – Founders and Team
BluSmart – Startup Story
BluSmart – Mission and Vision
BluSmart – Name, Tagline, and Logo
BluSmart – Business Model
BluSmart – Revenue Model
BluSmart – Challenges Faced
BluSmart – Funding and Investors
BluSmart – Shareholding
BluSmart – Growth
BluSmart – Financials
BluSmart – Services
BluSmart – Partnerships
BluSmart – Advertisements and Social Media campaigns
BluSmart – Competitors
BluSmart – Future Plans

About BluSmart

BluSmart mobility was founded in 2019 with the aim to offer urban India a ride-sharing experience in a sustainable manner. The company is the country’s first electric shared smart mobility platform that offers efficient, affordable, intelligent, and sustainable mobility.

The Mahindra e-Verito, Tata e-Tigor, Tata Xpres-T EV, Hyundai Kona Electric, and MG ZS Electric are among BluSmart’s fleet of vehicles as of 2022.

It is commendable to believe that BluSmart has identified itself as the most prominent ride-hailing service as well as a platform in Delhi NCR and Bangalore with several significant achievements, including taking the lead in the all-electric ride-hailing market and creating the largest all-electric fleet and fast charging station network.

BluSmart – Industry

As per IBEF, India’s electric vehicle market is projected to grow at a CAGR of 28.52%, reaching US$ 18.319 billion by 2029, up from US$ 5.22 billion in 2024. Between 2024 and 2029, the market is expected to grow at an impressive rate of 26.05%, with a projected value of USD 110.74 billion at the conclusion of the forecast period. This substantial growth represents a positive trend toward environmentally friendly and sustainable mobility options and reflects the growing acceptance and demand for electric vehicles in India.

BluSmart – Founders and Team

BluSmart Mobility was founded by Anmol Singh Jaggi, Puneet Singh Jaggi, and Punit K Goyal in 2019.

Anmol Singh Jaggi

Anmol Singh Jaggi is the co-founder of BluSmart. Having studied BTech from the University of Petroleum and Energy Studies, he also founded another company called Gensol Group in 2007. With 19 GW of expertise in 14 countries, Gensol Group is a top design, engineering, and project management company for renewable energy. Furthermore, he serves as the Managing Director of Matrix Gas and Renewables Limited, a position he has held since July 2022.

Puneet Singh Jaggi

Puneet Singh, a key figure among the founders of BluSmart, is actively involved in leading various companies alongside his role in spearheading the electric vehicle mobility service. Together with his brother Anmol, Puneet co-founded Gensol Group, a prominent player in design, engineering, and project management in the renewable energy sector. In addition to his responsibilities at BluSmart and Gensol Group, Puneet serves as a Director at Solarig Gensol Utilities Pvt. Ltd., a joint venture between Solarig from Spain and Gensol from India.

In 2016, Puneet Singh founded Prescinto Technologies Private Limited, a company that focuses on monitoring, analytics, and field force management using artificial intelligence. This innovative platform seamlessly integrates clean energy plant data with cutting-edge technology to optimize energy generation. Puneet holds a degree in Chemical Engineering from the Indian Institute of Technology, Roorkee, reflecting his strong educational background in the field.

Punit K Goyal

Punit K Goyal, co-founder of BluSmart Mobility, holds a Bachelor’s degree in Economics from Sydenham College of Commerce and Economics. Before his tenure at BluSmart, he served as the CEO and Founder of PLG Power Limited. Subsequently, he founded PLG Clean Energy Projects. In addition to his leadership roles, Punit actively participates as a speaker at various events hosted by organizations such as CII and IITs. Notably, he also holds the position of Chairman at the Confederation of Indian Industry (CII).

BluSmart – Startup Story

Five friends embarked on an industry-transforming adventure in the fast-paced world of technology. BluSmart’s journey was spearheaded by three brilliant co-founders, including Tushar Garg, who, predating the term “edtech,” co-founded SKEduSoft in 2010 and later ventured into the ride-hailing industry after a stint with Uber India in 2014.

Joining forces with Tushar were Anirudh Arun and Rishabh Sood, forming a robust team ready to tackle the challenges of the ride-hailing sector. Leveraging their Uber vendor expertise, BluSmart launched its first electric vehicle, operating on Uber’s platform from March to November 2019. This hands-on experience provided crucial insights into industry dynamics, exposing both successes and pitfalls.

Despite early challenges, the co-founders entered Bangalore in December 2019 for a pivotal investment pitch armed with newfound knowledge. Confidence in their vision was met with skepticism from a notable venture capitalist, highlighting apparent shortcomings in their presentation.

Undeterred, the tenacious group persisted, unwilling to deviate from their path. Seasoned renewable energy entrepreneur Anmol Singh Jaggi, founder of Gensol Engineering in 2012, and solar industry veteran Punit Goyal, with over a decade of experience, further fortified the team.

The pioneers at BluSmart kept their innovative spirit alive with unwavering determination and a strong belief that their electric journey had just started, despite doubts and suspicions. Little did they realize that their bold efforts would soon revolutionize environmentally friendly transportation, surpassing expectations and bringing in a new era for the ride-hailing business.

BluSmart – Mission and Vision

BluSmart’s services truly speak about its mission, which is, “We are on a mission to steer urban India towards a sustainable means of transportation and to provide them efficient, affordable, intelligent, safe, and reliable mobility.”

The vision of the company says, “With sustainability being at the core of our operations, our vision is to help transform the Indian cities by building a holistic and comprehensive electric on-demand mobility platform.”

BluSmart – Name, Tagline, and Logo

The company’s objective is to decarbonize mobility at scale while preserving simplicity and calm, and this is embodied in the logo’s vivid blue color. BluSmart’s design highlights the company’s dedication to putting people and the environment first, enhancing its standing as an ethical and progressive brand.

BluSmart – Business Model

BluSmart operates on a B2C (business-to-customer) model, providing direct services to end-users. Their business strategy revolves around an asset-light model, with the entire fleet electric cars being leased. These vehicles are sourced from entities such as EESL (Government of India Enterprise) and high-net-worth individuals, showcasing BluSmart’s commitment to sustainability and environmentally conscious mobility solutions.

The diverse fleet offered by BluSmart includes popular electric car models like the Mahindra e-Verito, Tata e-Tigor, Tata Xpres-T EV, Hyundai Kona Electric, and MG ZS Electric. By embracing an asset-light approach and incorporating a variety of electric vehicles, BluSmart positions itself as a key player in the electric mobility sector, contributing to the shift towards sustainable transportation in India.

BluSmart – Revenue Model

BluSmart’s revenue model is intricately tied to its dual focus on electric cabs and charging facilities. BluSmart uses a business-to-consumer (B2C) business model and receives payment directly from customers who utilize their electric taxi services.

BluSmart carefully includes charging stations into its business plan to enhance its taxi services. BluSmart generates extra income by providing charging services to other owners of electric vehicles in addition to its own fleet. BluSmart’s all-encompassing strategy establishes the company as a major participant in the electric mobility space, advancing environmentally friendly transportation options in India.

BluSmart – Challenges Faced

BluSmart, a newcomer in the industry, faces challenges due to its hub-to-hub business model in India, primarily the shortage of charging stations hindering expansion plans. It is addressing the lack of EV charging infrastructure by installing its charging stations in order to get around this.

In response, BluSmart has implemented strategic measures, such as establishing in-house charging hubs crucial for sustaining the electric fleet. By meeting particular operating requirements, these hubs guarantee effective charging and minimize vehicle downtime. BluSmart’s proactive approach demonstrates their dedication to addressing infrastructure-related obstacles.

In addition to emphasizing physical infrastructure, BluSmart also uses cutting-edge technology. Fleet deployment is optimized via an internal rider and driver matching algorithm, which guarantees effective routes and reduces the possibility of cars running out of fuel. BluSmart improves the dependability of its electric mobility service by utilizing sophisticated algorithms and data analytics.

BluSmart – Funding and Investors

BluSmart has raised a total of $486.3 in funding over 13 rounds.

Here are the funding details:

BluSmart – Shareholding

BluSmart’s shareholding pattern as of December 2024, sourced from Tracxn:

BluSmart – Growth

BluSmart accomplishment of completing 10 million emission-free rides as per news report of November 2023, which cemented its status as a forerunner in India’s electric transportation sector, highlights the company’s exponential growth. The company has accumulated 1 million+ happy customers over 370 million clean kilometers since its founding in 2019, thereby lowering 24,000+ tons of CO2 emissions.

BluSmart, which has around 5,000 electric vehicles in service throughout Bangalore and Delhi NCR, has quickly established itself as a leading example of environmentally sustainable urban mobility.

At the same time, BluSmart has shown significant expansion, reaching an average revenue run rate (ARR) of Rs 400 crore as of August 2023, as per news report of September 5, 2023, a noteworthy rise of approximately 60% from the previous fiscal year FY22.

On January 8, 2024, BluSmart Mobility made headlines when it unveiled a novel pricing system that differentiated between ‘rush hours‘ and’relaxed hours.’ In keeping with BluSmart’s overarching plan to differentiate itself from industry heavyweights Ola Cabs and Uber, this two-tiered strategy places affordability during “relaxed hours” as a top priority. Along with a focus on greater services, transparency, and eco-friendliness, the program stands out for not charging surge prices.

This important achievement places BluSmart as a leader in advancing environmentally friendly transportation methods in addition to changing the conventions surrounding traditional commuting. The company’s steadfast dedication to providing trips free of emissions has allowed it to grow and set the standard for environmentally friendly transportation in India going forward.

BluSmart – Financials

BluSmart has seen rapid revenue growth in recent years, increasing from INR 4.2 crore in FY20 to INR 70.9 crore in FY23. However, the company remains loss-making, with a rising cost structure impacting profitability.

BluSmart Revenue Breakdown

Revenue grew nearly 9x in FY23, driven by a sharp rise in operational revenue from INR 3.8 crore to INR 57.3 crore.

BluSmart Expenses Breakdown

Expenses surged, with depreciation and finance costs being the biggest contributors to the increase.

Quick Summary

• Revenue Growth: BluSmart’s revenue increased nearly 9x in FY23, indicating strong business expansion.
• Rising Expenses: Expenses nearly tripled in FY23, primarily due to depreciation and financing costs.
• Profitability Pressure: Despite growth, BluSmart’s losses more than doubled, highlighting the need for cost optimization.

BluSmart – Services

Customers who are looking to ride with BluSmart can avail of the services through BluSmart’s app built for both Android and iOS users. Just like how Uber, Ola, and Lyft offer their customers to purchase a ride and users can find the same method in the BluSmart app as well.

Services provided by BluSmart

The main services provided by BluSmart are shared rides for users, hourly basis rentals, and airport pick and drop-off services. The services are operational Delhi NCR and Bangalore.

It also offers services for drivers who want to drive their EVs at zero ownership cost. Other services provided to drivers are:

• Chance to drive premium electric sedan
• Up to Rs 2 lakh in free accidental insurance
• Incentives based on performance
• Weekly earnings
• Flexible working hours

BluSmart – Partnerships

BluSmart started by teaming up with Mahindra & Mahindra Ltd. in 2019. The joint venture has 70 Mahindra eVerito sedans in and around Delhi NCR, including Noida, Gurgaon, Ghaziabad, Faridabad, and Greater Noida.

In 2021, BluSmart partnered with Reliance Industries. through its joint venture, Reliance BP Mobility Ltd. The partnership is meant to increase BluSmart’s fleet size and offer its services outside Delhi NCR.

A spokesperson from the company has said, “Through this partnership, both companies will collaborate in planning, development, and operation of EV charging infrastructure, at suitable locations across cities where BluSmart operates.

With the first-phase roll-out will be in the National Capital Region, these EV charging stations will be capable of accommodating a minimum of 30 vehicles at each station and will be concentrated in urban areas.”

BluSmart has entered into a strategic partnership with Inframantra in May 2023, a real estate firm specializing in enhancing the value of commercial and residential properties through their expertise.

The company forged a partnership with MG Motor India in June 2023 to incorporate the MG ZS EV, a battery-electric SUV, into its electric cab fleet operating in the country. The order placed amounts to 500 units of these electric SUVs.

BluSmart – Advertisements and Social Media campaigns

BluSmart expresses its sincere gratitude to the #DriversOfChange on World EV Day on September 9, 2023, recognizing their combined efforts in achieving over 270 million clean kilometers and a reduction of over 20 million kilograms of CO2 emissions. This anniversary film highlights the people driving the electric vehicle (EV) revolution instead of only focusing on the technology side of things.

The campaign highlights the crucial role that these committed driving partners play in the EV movement by highlighting the human side of it. It highlights the association’s transforming power on their lives in addition to celebrating their crucial role in BluSmart’s success.

BluSmart – Competitors

The top competitors of BluSmart are:

• Ola Electric
• Bolt
• Dott
• Zypp Electric

BluSmart – Future Plans

BluSmart plans to significantly grow its fleet by adding thousands of electric vehicles across India, with an expansion into more cities, including Mumbai. The company is also focused on expanding its EV charging network and aims to raise over $300 million in the next three years to fund these initiatives. BluSmart’s mission is to drive large-scale decarbonization of mobility and contribute to a greener future.

BluSmart is establishing itself as a major player in the changing world of environmentally friendly and sustainable transportation with this step, which highlights the company’s strategic reaction to the ride-hailing industry’s growing emphasis on EVs.

FAQs

Who is the founder of BluSmart?

Anmol Singh Jaggi, Punit K Goyal and Puneet Singh are the founders of BluSmart.

What is BluSmart?

BluSmart is an all-electric ride-hailing and EV charging company in India. It offers sustainable, zero-emission cab services and operates its own fleet of electric vehicles (EVs).

When was BluSmart founded?

BluSmart startup was founded in 2019.

What does BluSmart do and how does BluSmart work?

BluSmart is an electric ride-hailing and EV charging company in India. It provides app-based, zero-emission cab services with its own fleet of electric vehicles (EVs) and operates EV charging stations for both its fleet and third-party users.

What is BluSmart business model?

BluSmart operates on an asset-heavy, all-electric ride-hailing model. It owns and operates EV fleets, providing zero-emission rides through its app. Revenue comes from ride bookings and EV charging services. Unlike Ola/Uber, it doesn’t rely on driver-owned vehicles, reducing variability in service quality.

Who owns BluSmart?

BluSmart was co-founded on 14 January 2019 by Anmol Singh Jaggi, Puneet Singh Jaggi, and Punit K Goyal.

Is BluSmart profitable?

No, BluSmart is not profitable, as of 2023.