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E-mobility startup Blu Smart raises $2.2 million from Angel Investors

E-mobility startup Blu Smart raises $2.2 million from Angel Investors

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Blu Smart is a mobility startup focused on electric vehicles. The startup was launched as an all-electric cab service in collaboration with Mahindra and Mahindra.

NEW DELHI: Blu Smart Mobility, an all electric mobility service has raised a $2.2 million angel round from multiple investors, with Jito Angel Network leading the round.

Apart from Jito Angel Network, other funds who participated in the Angel round included Hero MotoCorp, MayField Fund and Centrum, Micromax and few individual investors among others.

Blu Smart is a mobility startup focused on electric vehicles. The startup was launched as an all-electric cab service in collaboration with Mahindra and Mahindra.

The fund raised through angel investment will help the company expand its offerings and services beyond Delhi NCR where it is currently centered. The fuel cost of an electric taxi is Rs 1.25 a km as against diesel and petrol cost of around Rs 6 and Rs 6.5 per km respectively, though the upfront cost of electric car is more.

In June, the startup flagged off a fleet of 70 Mahindra e-Verito vehicles in Delhi NCR. It now plans to add 500 Mahindra e-Verito electric sedans by April 2020.

Source: auto.economictimes.indiatimes
Anand Gupta Editor - EQ Int'l Media Network

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