According to reports, electric ride-hailing startup BluSmart is raising Rs 200 crore ($24 million) through a funding round.

The Gurgaon-based company filed regulatory documents with the Registrar of Companies stating that it had offered over one million pre-series B preference shares at an issue price of Rs 1,830.

Punit Goyal, cofounder, BluSmart says, “The (funding) round is seeing participation from BluSmart founders, existing investors, and external investors, including a global climate and infrastructure fund, some global leaders, leading family offices, and some founders of India's largest startups.”

Blusmart is backed by investors like BP Ventures, Survam Partners, Mayfield India Fund, and Green Frontier Capital, among others.

In January, the company received $25 million in financing and equity from ResponsAbility, a climate finance group located in Zurich. The company raised over $66 million in two investment rounds in 2023, and later that year, it launched a rights issue in which its founders increased their ownership.

According to Goyal, BluSmart is also growing in the Middle East and is presently doing a trial program in Dubai with about 130 drivers and 100 Audi E-Tron SUVs. Later this year, the company intends to open an office in Abu Dhabi.

“The company posted more than Rs 390 crore in revenue in fiscal 2024, compared with about Rs 160 crore in FY23. The firm has also crossed Rs 500 crore in annualized revenue run rate (ARR),” says Goyal.

In the cab-hailing market, BluSmart faces off against Uber, Ola, and more recent arrivals like Rapido and Namma Yatri. Compared to Ola and Uber, it is significantly smaller and only serves the National Capital Region and Bengaluru.