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BluSmart Mobility, a leader among India’s electric vehicle ride-hailing startups, is set to see further consolidation of its top leadership’s stakeholding. This comes as cofounder Anmol Singh Jaggi has purchased a 2% stake in the company from Mayfield India for INR 32 Cr.
The stakeholding checkers are part of the company’s plans to rapidly scale up to 10,000 EVs within FY24 and come nearly two weeks after it raised $42 Mn in a part equity, part debt funding round. BP Ventures is currently the largest shareholder with around 20% stake, but the founders’ total equity stake will rise to more than 30% with Jaggi’s purchase of Mayfield’s stake.
Jaggi further said in an interview that they are no longer in a hurry to do a big round. They have ample funding and with low burn rate.
This Bengaluru-based company, BluSmart has already completed more than 5.3 Mn rides from its beginning in 2019. It has travelled 180 Mn+ zero-carbon kilometres and is now looking to push on and triple its fleet size within the next three quarters.
To this end, it has also picked up an Rs. 633 Cr loan from Power Finance Corporation (PFC) to add 5,000 EVs to BluSmart’s ride-hailing fleet with 1,000 cargo EVs for B2B operations.
The recent consolidation of the founder's stake is a testament to their belief in their own business and the potential of electric vehicles in India. They also think it should be a significant boost for BluSmart as it looks to scale up and capture a larger market share.
— Kritika Singhal
Also, Read PVR share price falls as company reports Rs. 300 cr loss
