On Tuesday, BluSmart is the electric stack ride-hailing service; an EV has announced to close a Series A1 round raising $25 million. In September 2021, the follow-up series A round was completed and brought the total of its Series A investment to a significant $50.7 million.

The company has raised $25 million in the Series A1 round comprising $15 million in equity capital and venture debt of $10 million. The equity round was led by BP Ventures and Green Frontier Capital, with participation from existing investors. This funding contributed by Stride Ventures, Alteria Capital, BlackSoil and UCIC.

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Around the globe, it is one of the largest Series A fundraised in ride-hailing and smart mobility space. This fund can be used to increase the all-electric ride-hailing fleet to over 5,000 BluSmart EVs and expand its network of EV Superhubs covered under Delhi NCR. Additionally, BluSmart is secured EV financing of $35.7 million backed by IREDA (BluSmart has raised $75 million in EV asset financing backed by global development financial institutions – India’s largest till date).