Electric vehicle (EV) ride-hailing service and charging network firm BluSmart has raised ₹2 billion ($24 million) in a pre-series B funding round.

Along with existing investors and BluSmart founders, the new investors were responsAbility, Sumant Sinha, Founder of ReNew, and MS Dhoni Family Office.

The funds will enable BluSmart to expand and enhance its EV charging infrastructure in major Indian cities.

The company aims to “Decarbonize Mobility at Scale” by combining energy, infrastructure, mobility, and technology.

BluSmart said its fleet had grown from 70 EVs in 2019 to 7,500. It operates an EV charging network of 50 hubs.

The company has reached a $65 million annual revenue run rate and secured long-term asset financing of $200 million from development financial institutions.

Punit Goyal, Co-founder of BluSmart, said, “BluSmart is building an integrated energy-infrastructure, mobility, and technology company to take full advantage of the EV revolution. Our latest fundraising of $24 million is an important step in our journey to scale the eMobility fleet and EV charging infrastructure.”

Sumant Sinha, Founder of ReNew, commented, “The future of mobility is electric, and eMobility is a crucial step in making the shift to cleaner, emissions-free transportation. India’s growing economy and favorable policies provide ample impetus for this transition. I am excited to partner with BluSmart in their growth journey.”

Former Indian cricket captain Mahendra Singh Dhoni, MS Dhoni Family Office, said, “Investing in BluSmart’s sustainable business model is not just about supporting a company; it’s about being part of a movement that shapes the future of mobility. In a world where innovation drives sustainable choices, I am excited to back BluSmart’s pioneering efforts in reshaping urban transportation.”

In January 2024, Switzerland-based responsAbility had said it would invest up to $25 million in BluSmart.

The company had secured $42 million in a funding round last year.