Mahendra Singh Dhoni, the former captain of the Indian cricket team, has recently invested in BluSmart during a ₹200 crore funding round. This is at least his third venture into the automobile startup sector, demonstrating his keen interest in innovative mobility solutions. Dhoni’s other investments include electric cycle manufacturer EMotorad, used car retailer Cars24, and digital lending platform Khatabook.
Dhoni expressed that investing in BluSmart’s sustainable business model goes beyond supporting a company; it is about contributing to a movement that shapes the future of mobility. He believes in the importance of innovation driving sustainable choices and is enthusiastic about BluSmart’s efforts in reshaping urban transportation.
The five-year-old startup is now valued at $250 million, according to its co-founder Punit Goyal. For perspective, Ola, founded in 2010, is targeting a valuation of over $7 billion for its upcoming IPO. However, as of February 2024, one of Ola’s investors had reduced its valuation to $1.9 billion.
Other prominent new investors in BluSmart include Sumant Sinha, founder, chairman, and CEO of ReNew, and responsAbility Investments AG, a leading impact asset manager. Existing investors, along with company founders Anmol Singh Jaggi, Punit K. Goyal, and Puneet Singh Jaggi, also increased their stakes in this funding round.
BluSmart currently operates in New Delhi, Gurugram, Noida, and Bengaluru. In June 2024, the company expanded internationally by launching a premium all-electric limousine service in Dubai. BluSmart recently surpassed an annual revenue run rate of ₹550 crore ($65 million), having raised over $200 million in equity investments and secured an additional $200 million in long-term EV asset financing from leading development financial institutions (DFIs). The company also plans to launch in Mumbai by the end of 2024.
