As per reports, BluSmart, a ride-hailing startup that uses only electric vehicles, has raised $24 million, or Rs 200 crore, in a funding round led by its existing investors Zurich-based climate finance firm ResponsAbility Investments, cricketer MS Dhoni’s Family Office, and ReNew founder Sumant Sinha.

BluSmart says that the funding will be used to expand its operations and build EV charging infrastructure and assets.

“We are happy to continue our partnership with BluSmart through our second round of funding. BluSmart has been able to lead the way in building from the grounds up an entire EV ecosystem to disrupt the conventional modes of commute without compromising on reliability and convenience,” says Sameer Tirkar, head of climate infrastructure investments APAC at ResponsAbility Investments.

According to the company, its annual revenue (ARR) has exceeded 55 billion rupees. It currently operates 7,500 EVs nationwide and employs more than 9,800 drivers.

The company competes with Uber and Ola, as well as new entrants such as Rapid and Nammah Yatri, in the cab dispatch sector. Unlike its competitors, BluSmart owns or leases all of its vehicles and charging stations and employs drivers who are paid a combination of fixed wages and performance-based incentives.

BluSmart crossed Rs 390 crore in revenue in FY24, compared to about Rs 160 crore in FY23. It is looking to turn profitable on earnings before interest, tax, depreciation, and amortization (Ebitda) level in March 2026, says cofounder Punit Goyal.

The company has struggled to raise outside capital in recent years; in mid-2022, the company announced that it was considering raising $250 million from investors, including BP's venture capital arm, but ended up raising two smaller rounds of financing in 2023, totaling about $66 million.