Electric Cab hailing app blusmart has raised around Rs 37 crore or $5 million in its preserves A round said two sources aware of the development .this would be the second financing round for the Gurugram based venture since September last year .
‘Contours of the deal have already been finalized if have nothing goes wrong from here it will be announced soon. Most of the existing investors in the previous round have participated in the pre series a round” said one of the sources on condition of anonymity.
Blusmart has raised an angel round of $3 million from JITO angel network, may field, KA enterprise the investment office of the Deepika Padukone Kalpavriksh trust and others in September last year.
The fresh funds will be used for marketing, running operations and leasing deposit for cars. The proceeds will also help blusmart to streamline operations after a sharp fall in daily volume due to COVID-19 lock down. Even after relaxation, the cab hailing firms are able to fulfill a maximum of 20% of their occupancy.
According to financial express report, the company has a fleet of 320 electric cars across NCR and Mumbai. Its fleet consists of TATA E-TIGOR, Mahindra E-Verito and Hyundai kona EV. So far it is completed 1.75 lakhs trip. Unlike Ola and Uber, blusmart has no surge pricing and zero cancellation charges. Post lock down the firm has been trying to increase its occupancy with special offers for doctors, healthcare workers, power sector people and banking sector employees. While adoption of electric cabs will reduce carbon footprint, the number of suck commuters isn’t large. Blusmart offers assured rides, unlike Ola and Uber where drivers can decline rides after accepting bookings, a key differentiate a today’s market.
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