Indian EV cab company BluSmart raises $25 million in funding

BluSmart, an Indian-based electric vehicle cab company has raised $25 million in its new funding round combining equity and debt funding.

• The funds will be used to add to its fleet of EV cars to a total of 5,000 and improve its marketing, it claims.
• BluSmart is a ride-hailing business in India using its own cars to commute passengers in the Delhi-NCR.
• The new funding round was led by BP Ventures and Green Frontier Capital as equity funding while debt funding was received from Stride Ventures, Alteria Capital, BlackSoil and UCIC.
• It last raised $25 million in September 2021 in a round led by BP Ventures.