MS Dhoni, ReNew Power, existing investors back EV ride-hailing company BluSmart with $24 million in pre-Series B funding

BluSmart has raised $24 million in a pre-Series B funding round from investors including MS Dhoni family office, ReNew Power chief executive officer Sumant Sinha, and responsAbility Investments, a Switzerland-based asset management company.

The funds will be used to expand operations and build real EV charging infrastructure and assets in the major cities of India, according to the electric vehicle ride-hailing company.

Apart from new investors including MS Dhoni's family office, and responsAbility Investments AG, existing investors and the founders also participated in this funding round.

“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,” Dhoni said in a statement.” In a world where innovation drives sustainable choices, I am excited to back BluSmart's pioneering efforts in reshaping urban transportation," the former India skipper added.

In January 2024, responsAbility invested $25 million in BluSmart as a part of its $500 million climate investment strategy.

BluSmart is a ride sharing service founded by Anmol Singh Jaggi, Puneet Singh Jaggi and Punit K Goya in 2019. Around the same time, BluSmart collaborated with Mahindra & Mahindra. Other competitors in the market are Ola and Uber.

According to a Mint report, BluSmart operates close to 6,000 EVs. It also owns and operates 4,000 EV chargers across its 35 EV charging hubs in Delhi-NCR and Bengaluru.In June 2024, the company started its first international operations in Dubai.

In February 2024, the electric mobility ride-hailing service provider announced that it has signed a multi-year power purchase agreement with Tata Power Trading Company Ltd to source green power.

Under the power purchase agreement (PPA), 30 MW capacity will be sourced by Tata Power Trading Company Ltd (TPTCL) from Tata Power's 200 MW solar PV power plant in Bikaner district of Rajasthan, according to the report.