E-Mobility Startup Blu Smart Raises Undisclosed Amount from Angel Investors: JITO Angel Network Leads the Angel Round
Blu Smart Mobility, India’s first all electric mobility service, has raised an $2.2mn 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 Munjal Family Office, Mayfield Venture Capita and Centrum Kalpavriksh PE Fund, Micromax Co-founder, Bajaj Fin MD and few individual investors among others.
Blu Smart is a mobility startup focused on electric vehicles. The startup that was launched as an all electric cab service in collaboration with Mahindra and Mahindra, is reinventing mobility by aggregating the world’s most innovative mobility concepts under a single platform. Additional to cab services, its offerings now also include RideSharing, CarSharing and SharedCharging.
The fund raised through angel investment will help the company expand its offerings and services beyond Delhi NCR where it is currently centred.
In June, the startup flagged off a fleet of 70 Mahindra e-Verito vehicles in Delhi NCR. The electric taxis can be booked on the Blue Smart Mobility app. It now plans to add 500 Mahindra e-Verito electric sedans by April 2020.
“Blu Smart mobility is a game changing startup that has given clean mobility a major push in the country through its smart next generation mobility platform. With E vehicles set to become the way we commute over the next few decades, Blu Smart’s services gives a strong impetus to a wider adoption of clean mobility in urban India. The start-up is working to build a holistic smart electric on-demand mobility platform covering the entire value chain of smart mobility, smart charging and smart parking. We are happy to contribute to the expansion of its services through this round of investment”, said Lead Investor from JITO Angel Network.
The smart mobility startup is banking on the strong government support being provided to the electric vehicle sector. The government has already committed an outlay of ₹10,000 crore for Phase 2 of the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles scheme, to boost electric mobility and increase the number of electric vehicles in commercial fleets.
Through its futuristic outlook, Blu Smart is building an ecosystem for multi-modal zero emission smart mobility and smart charging solutions. The startup promises to revolutionize urban mobility through its smart mobility services.
Apart from *JITO Angel Network
*, other funds and angels who participated in the Angel round included Munjal Family Office [Survam Partners], Mayfield Venture Capital and Centrum Kalpavriksh PE Fund, Micromax Co-founder Rajesh Agarwal, Bajaj Capital MD – Sanjiv Bajaj and few individual investors among others.
Source: blu-smart
