Startup Success Story - BluSmart Mobility

BluSmart Mobility is leading India's electric vehicle revolution.

Founded in 2019, BluSmart set out to make urban transportation more sustainable by offering all-electric cab services.

While ridesharing giants like Ola and Uber have transformed public transit, their reliance on gas-guzzling vehicles exacerbates environmental issues. BluSmart aims to be the smarter, greener version of these services. By leveraging eco-friendly electric cars and intelligent routing technology, BluSmart provides reliable, affordable, and emission-free rides. The startup's mission-driven approach demonstrates how sustainable solutions can also be commercially viable and scalable. In just a few short years, BluSmart has pioneered clean mobility in India and emerged as an inspiring startup success story.

In today's JJ Tax newsletter, we explore the remarkable growth of BluSmart Mobility, India's trailblazing electric cab startup.

What is BluSmart? Founded in 2019, BluSmart set out to revolutionize urban transit with eco-friendly electric vehicles. The company has raised over $25 million in funding, with nearly 50% coming from its founders and leadership team, along with existing energy investors. This financing has fueled BluSmart's rapid expansion - it recently achieved a milestone of 5,000 electric vehicles in its fleet. According to BluSmart, over 2.4 million users have downloaded their app. In just three years, BluSmart has electrified over 1,500 cabs, completed over 1 million rides, and scaled across Delhi-NCR. BluSmart offers a case study in building sustainability through technology and innovation. Join us as we analyze the factors driving BluSmart's rapid ascent in the competitive mobility sector.

Why BluSmart? How did it gain traction?

• One of the key factors driving BluSmart's success is their unwavering commitment to safety and hygiene. The COVID-19 pandemic fundamentally changed how we think about cleanliness, especially in shared spaces like cabs. Even as the threat of the virus wanes, lessons about sanitation remain.
• As BluSmart declares, "We are on a mission to steer urban India towards sustainable transportation and provide efficient, affordable, intelligent, safe and reliable mobility." For germaphobes and cleanliness sticklers alike, BluSmart's meticulous hygiene protocols make their service stand out from competitors. By making sanitation core to their brand, BluSmart smartly capitalizes on a post-pandemic shift in consumer preferences. Their commitment to safety gives riders confidence in every trip.
• Tired of frustrating last-minute cab cancellations? BluSmart aims to provide a seamless booking experience by eliminating driver cancellations altogether. BluSmart drivers do not even have a cancel button in their apps. Once you book a ride, you can rely on prompt pick-up without any unwarranted cancellations.
• BluSmart goes beyond reliable pick-ups by emphasizing exceptional service. Their drivers open the car doors for passengers, providing a welcoming, upscale experience. After dealing with the headaches of cab cancellations, BluSmart offers a refreshing change where you can expect punctual pick-ups and special treatment.

BluSmart and its Founders

• BluSmart was founded in January 2019 by a team of clean energy experts passionate about sustainable transportation.
• Headquartered in Haryana and Mumbai, the startup was launched by Anmol Singh Jaggi, Punit K Goyal, and Puneet Singh Jaggi.
• Anmol, a University of Petroleum and Energy Studies graduate, founded solar energy provider Gensol Group in 2007 which now has over 600 engineers and technicians. His brother Puneet, an IIT Roorkee alum, has advised on 30+ gigawatts of renewable energy projects.
• Punit holds an honorary doctorate in business administration from Aston University and attended Harvard Business School. He previously co-founded PJG Clean Energy and led solar exporter PLG Power.

With decades of combined experience across the renewable energy sector, BluSmart's founders were uniquely positioned to realize their vision for electric mobility. Their expertise and dedication to sustainability drive BluSmart's mission to transform transportation in India. Under such seasoned leadership, BluSmart emerged as a pioneer shaping the future of electric cabs.

BluSmart's Vision for Clean Urban Transit

• With transportation being a major contributor to India's carbon emissions and air pollution, BluSmart is on a mission to drive change through electric mobility.
• India has one of the world's largest carbon footprints, ranked 3rd globally. As BluSmart states, "With sustainability at the core of our operations, our vision is to help transform Indian cities by building a holistic electric mobility platform."
• BluSmart's all-electric cabs offer zero-emission rides, eliminating greenhouse gases like CO2 and methane. To date, they have enabled over 6.5 million clean rides and saved 14,500+ tonnes of CO2, equivalent to 2.4 million trees' annual absorption.
• By leveraging eco-friendly EVs and renewable energy, BluSmart aims to revolutionize urban transit. Their success proves sustainable solutions can scale to meet transportation demands. BluSmart exemplifies how businesses can promote environmental stewardship while enabling growth. Their commitment to green principles demonstrates that mobility can be clean, convenient and carbon-free.
• BluSmart's momentum continues to accelerate with major investments fueling expansion. In 2022, BP Ventures led BluSmart's $25 million Series A round, the world's largest Series A in mobility. This year, they raised an additional $42 million bridge round with BP and Survam Partners.

Currently BluSmart operates in parts of Delhi, Gurugram and Bengaluru. But with strong financial backing and proven demand for their service, they are poised for growth across India. BluSmart aims to electrify urban transportation nationwide.

In just a few years, BluSmart has established itself as a pioneer in sustainable mobility. Their impressive funding validates the viability of electric cabs both environmentally and financially. As BluSmart scales, their all-electric fleet can help transform cities and transit across India. We hope to see BluSmart's green vision hit the roads and expand access to clean transportation alternatives. Their success story demonstrates the power of innovation and sustainability to disrupt entire sectors.

And that wraps up our analysis of BluSmart's remarkable journey transforming urban transit in India. This startup's commitment to sustainability shows how green technology and innovation can scale to meet rising mobility demands. As climate change continues reshaping business, BluSmart provides a blueprint for startups aiming to build a greener future.

Here at JJ Tax, we're also focused on driving positive change through our work. As your trusted advisors, we leverage the latest technology and expertise to provide forward-thinking tax strategies and advice. We believe in supporting businesses that create lasting impact, just as BluSmart does through sustainable transportation. JJ Tax