BluSmart gears up for expansion

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Editor's note: Let me set the record straight. BluSmart Mobility, India’s only ride-hailing company with an all-electric fleet, is building a taxi service. And it is getting good venture capital to build it. That’s where we are at on innovation, venture funding and entrepreneurship in 2023.  On Thursday, the Gurugram-based company announced that it has raised $42 million, including $5 million in venture debt, in a fresh round of funding in April. The funds will be utilized for expanding deeper into metros and increasing fleet capacity. The company currently operates around 3,500 cars in Delhi NCR and Bengaluru.  While any investment in a ride-hailing company is welcome, especially in the current climate where tech startups are finding it hard to raise funds, we can’t overlook the fact that nearly 50% of the investment came from the founders and leadership team. We will come to it in a bit, but first the positives.  The funding wasn’t entirely unexpected for a company that has captured a large share of the Delhi NCR business over the last year or so. Three things are working for …