14 November 2019 05:25 PM

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GUEST POST | 7 NOVEMBER, 2019

Deepika Padukone, Rajesh Agarwal Micromax CO FOUNDER, among others, invest in electric cab-hailing startup “Blu Smart”

Blue Smart plans to expand its network.


With subscription-based car rentals, Blue Smart plans to expand its network. Recently raised $2.2 Mn angle round to facilitate complete urban mobility solution

Delhi-based Blu Smart has recently raised $3Mn angel round. The funding led by Bollywood actress Deepika Padukone's family office Ka Enterprises, JITO Angel Network, Rajesh Agarwal Micromax co-founder, among others, has the potential to facilitate Blu Smart’s vision to expand its customer base in India.

Cofounded by Puneet Singh Jaggi, Anmol Singh Jaggi and Punit Goyal, this electric cab-hailing platform was launched in January 2019. In an attempt to expand the business operations, this Delhi-based company in June turned to offer subscription-based car rentals, ride-sharing on both electric cars and bikes, etc, across the Delhi NCR region.

"Blu Smart has served over 20K customers since its launch in Delhi NCR and aims to serve 1 Mn customers in the coming months," said Goyal.

In June, the EV ride-hailing startup also partnered with Mahindra Electric to onboard 70 Mahindra eVerito premium sedans in its cab fleet.

This recently announced funding is in line with pronouncements of the country's policymakers as electric vehicles can change the automobile ecosystem drastically in India. The same was also observed in 2019 Union budget, when the government announced tax rebate on e-vehicles.

That said, transition to the electric mobility is not likely to be smooth and it needs good industrial expertise and investments. There have been multiple attempts in this endeavor from leading global manufacturers, however they often lack robust and efficient network. In contrast, electronic consumer brands like Micromax, LG with their innovative investment in green energy have emerged as finest examples in India.

For instance, one of the Blu Smart investors, Rajesh Agarwal Micromax co-founder, has forayed successfully in the production of advanced Battery Management system. With long life cycle and fast charging qualities, Lithium Ion Batteries designed by Micromax energy have the potential to boost E vehicles transportation system in India.

Similarly, Yamaha’s foray into electric scooters with E01 maxi-scooter can also reinforce EV infrastructure in India.

Blu Smart is building an all-electric ecosystem with strategic partnerships across automotive, infrastructure and energy companies. Such large-scale funding, in all likelihood will boost the electric cab services and create good job opportunities in India.
 

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