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With high fuel prices and global warming becoming a major thing, the era for electric vehicles is here. People aren't aware and assume that electric vehicles are a recent invention, but in reality, they have been here for many years.
The main reason for this thought process is that in these recent years, the inventions of these electric vehicles (EVs) are gaining popularity with the right set of technological advancements and innovations.
People are also becoming aware and are considering EVs as potential substitutes for cars with internal combustion engines to cut back on emissions that cause global warming.
Today, we can see a lot of countries have introduced electric vehicles as a better substitute to help combat climate change. A lot of people have also started using EVs to keep up with the rising fuels.
You are wondering what is it that makes an EV better than a traditional type of vehicle. This is because as the name says, EVs are powered by electricity. There are more diverse ways to create electricity; for instance, it can be done using fossil fuels, wind, solar, tidal, nuclear, or a mix of any of these.
In India too, the fad for EVs is here in the market today. Having said that, one such company is capturing many eyeballs by introducing 100% sustainable electric rides in the country's streets. BluSmart is the company that is India's first and leading company that is providing all-electric ride-hailing mobility services.
Just in three years, BluSmart Mobility has made itself an established company and is among LinkedIn's 25 Top Startups in India.
Find out more about BluSmart's startup story, founders and team, the business model and the revenue it earns, challenges faced by competition, and a lot more.
BluSmart - Company Highlights
- Startup Name-BluSmart
- Headquarters-Gurugram, India
- Sector-Technology, Information, and Media
- Founder-Anmol Singh Jaggi, Punit K Goyal, Puneet Singh Jaggi
- Founded-2019
- Revenue-Rs1-100crores
- Total Funding Raised-$67 million
- Website-www.blu-smart.com
BluSmart - About
BluSmart mobility was founded in 2019 with the aim to offer urban India a ride-sharing experience in a sustainable manner. The company is the country's first electric shared smart mobility platform that offers efficient, affordable, intelligent, and sustainable mobility.
The Mahindra e-Verito, Tata e-Tigor, Tata Xpres-T EV, Hyundai Kona Electric, and MG ZS Electric are among BluSmart's fleet of vehicles as of 2022.
It is commendable to believe that BluSmart has identified itself as the most prominent ride-hailing service as well as a platform in Delhi NCR with several significant achievements, including taking the lead in the all-electric ride-hailing market and creating the largest all-electric fleet and fast charging station network in Delhi NCR.
The BluSmart is all about delivering shared rides, hourly rentals, and airport services operating within Gurugram and South Delhi for now.
BluSmart - Industry
It wouldn't be surprising to think or say when we are seeing that the electric vehicle industry is developing at a rapid pace. This industry has been growing so quickly that is seen due to the government's adoption of beneficial policies and programmes, EVs had strong growth in 2021.
As per sources, currently, India has about 12 lakh EVs and is expected to reach up to 3 crores in two years.
BluSmart - Founders and Team
BluSmart Mobility is founded by Anmol Sing Jaggi, Puneet Singh Jaggi, and Punit K Goyal in 2019.
Anmol Singh Jaggi
Anmol Singh Jaggi is the co-founder of BluSmart. Having studied B.Tech from the University of Petroleum & Energy Studies, he also founded another company called, Gensol Group in 2007. With 19 GW of expertise in 14 countries, Gensol Group is a top design, engineering, and project management company for renewable energy.
Puneet Singh Jaggi
Puneet Singh is among the founders of BluSmart. Along with starting an electric vehicle mobility service, he is playing a crucial role in leading other companies. Puneet is also the co-founder of Gensol Group along with his brother Anmol. Presently, he is the Director at Solarig Gensol Utilities Pvt Ltd, which is a joint venture of Solarig from Spain and Gensol from India.
Puneet Singh founded Prescinto Technologies Private Limited, which is monitoring, analytics, and field force management platform powered by artificial intelligence that combines clean energy plant data with cutting-edge technology to achieve enhanced generation. Puneet Singh graduated in Chemical Engineering from the Indian Institute of Technology, Roorkee.
Punit K Goyal
Punit K Goyal is the co-founder of BluSmart Mobility. He holds a Bachelor's degree in Economics from Sydenham College of Commerce and Economics. Before he began his career with BluSmart, he founded PLG Clean Energy Projects. Other than carrying out leadership roles, Punit likes to speak at various events at CII, and IITs. Presently, he is also the Co-Chair of the Confederation of Indian Industry.
BluSmart - Startup Story
BluSmart began its operations on 14 January 2019. In the initial days, with 200,000 rides, BluSmart has covered more than 5,000,000 km and estimates that it has prevented around 375,000 kg of carbon emissions in the same year.
BluSmart came up with its first batch of EVs by associating with Mahindra & Mahindra Ltd.
The company has recently declared that it had completed 16 million km (9.9 million mi) of emission-free travel in Delhi NCR in 2021.
BluSmart - Mission and Vision
BluSmart's services truly speak about its mission that is, "We are on a mission to steer urban India towards a sustainable means of transportation and to provide them efficient, affordable, intelligent, safe, and reliable mobility."
The vision of the company says, "With sustainability being at the core of our operations, our vision is to help transform the Indian cities by building a holistic and comprehensive electric on-demand mobility platform."
BluSmart - Name, Tagline, and Logo
The tagline of BluSmart is, "Smart Mobility" which justifies the kind of work they are doing, which is providing electric shared rides for everyday commuters.
It is clear, that the logo of BluSmart depicts the letters 'B' 'L' 'U' which is the short form of 'blue' written in blue colour with the symbol of electricity placed in the middle of the letter 'B'.
BluSmart - Business Model
The business model of BluSmart is a B2C or business-to-customer model. Due to its services directly offered to its customers. Other than this, its functions are on an asset-light business model as well. This means, that all their EVs are on the lease, which is either purchased from companies like EESL (Govt. of India Enterprise) or high-net-worth individuals.
The company's fleet comprises 320+ electric cars like the Mahindra e-Verito, Tata e-Tigor, Tata Xpres-T EV, Hyundai Kona Electric, and MG ZS Electric.
Customers who are looking to ride with BluSmart can avail of the services through BluSmart's app built for both Android and iOS users. Just like how Uber, Ola, and Lyft offer their customers to purchase a ride and users can find the same method in the BluSmart app as well.
Services provided by BluSmart
The main services provided by BluSmart are shared rides for users, hourly basis rentals, and airport pick and drop-off services. The services are operational in Gurugram and South Delhi.
It also offers services for drivers who want to drive their EVs at zero ownership cost. Other services provided to drivers are:
- Chance to drive premium electric sedan
- Up to Rs 2 lakhs in free accidental insurance
- Incentives based on performance
- Weekly earnings
- Flexible working hours
- Services during the lockdown period
When the pandemic hit the world, BluSmart restarted its services with a unique offer for the COVID warriors, such as doctors, healthcare professionals, people employed in the power sector, people employed in the financial sector, and others, as a token of appreciation and to make their commutes safer and better.
Previous year, a COVID-19 immunisation drive was started by BluSmart in April 2021 for its drivers, whose status is viewable in the BluSmart mobile app.
BluSmart - Revenue Model
BluSmart earns its revenue by letting its users purchase rides from BluSmart's mobile application. The approximate annual revenue of BluSmart ranged between Rs 1 - Rs 100 crores as of March 2021.
BluSmart - Funding and Investors
BluSmart has raised a total of $67 million in funding over seven rounds. The latest funding round was on 24 May 2022 about $15 million funds were raised from 6 investors including BP Ventures and Green Frontier Capital.
JITO Angel Network, and Ka Productions of Deepika Padukone's investment office, launched a $3 million angel round for BluSmart in September 2019.
BluSmart - Challenges Faced
As a newcomer in the industry, BluSmart has to go through a lot of challenges. The company has a hub-to-hub business model, hence the shortage of charging stations in India and EV scope tension pose significant barriers to its expansion. Therefore, the company is setting up its charging points to cater to their requirements
Due to the fact that their cars are not driver-owned assets, hefty maintenance expenses could make the scaling-up process for them more complicated.
BluSmart - Partnerships
BluSmart started by teaming up with Mahindra & Mahindra Ltd. The joint venture has 70 Mahindra eVerito sedans in and around Delhi NCR, including Noida, Gurugram, Ghaziabad, Faridabad, and Greater Noida.
In 2021, BluSmart partnered with Reliance Industries. through its joint venture Reliance BP Mobility Ltd. The partnership is meant to increase BluSmart's fleet size and offer its services outside Delhi NCR.
A spokesperson from the company has said, "Through this partnership, both companies will collaborate in planning, development, and operation of EV charging infrastructure, at suitable locations across cities where BluSmart operates.
With the first-phase roll-out will be in the National Capital Region, these EV charging stations will be capable of accommodating a minimum of 30 vehicles at each station and will be concentrated in urban areas."
BluSmart - Online and Social Media Presence
BluSmart plays an active role in its social media pages by posting witty and catching posts. The company has managed to increase its brand awareness by 3.5 times.
Its Facebook has 2,322 followers, its Twitter page with 2,796 followers, whereas its LinkedIn page has 77,728 followers.
BluSmart - Competitors
The top competitors of BluSmart are:
- Bolt
- Dott
- Ola Electrics
- Zypp Electric
- Hero Electric
- Revolt Motors
BluSmart - Future Plans
BluSmart plans to expand its operations outside Delhi NCR. The company is in its initial stages starting with Mumbai. Along with this, the company has also announced further expansion in six cities in the cities of Gujarat, Rajasthan, and Maharashtra.
The company strongly believes that is helping curb pollution. Their zero-emission vehicles are helping to improve the air quality in Delhi NCR, where the Air Quality Index is frighteningly high (AQI). In addition, BluSmart is assuring a stronger focus on sanitation and hygiene in light of the recent COVID outbreak since they feel it is their duty as a mobility player to assist restore customer confidence.
FAQs
Who is the founder of BluSmart?
Anmol Singh Jaggi, Punit K Goyal and Puneet Singh are the founders of BluSmart.
What is the valuation of BluSmart?
The valuation of BluSmart is $79.3 million.
When was BluSmart founded?
BluSmart was founded in 2019.
