The four-year-old all-electric taxi startup wants to become an on-demand ride-hailing service and take on the Uber-Ola duopoly. The only problem is that it doesn’t have the fleet size, big investors or a clear business model.
BluSmart Mobility’s fundraising ambitions have hit a roadblock.
Since mid-2022, the ride-hailing startup has been talking about raising $250 million (about Rs 2,000 crore) in a funding round. In January this year, the company was reportedly in advanced talks to close the round. Months later, it managed to raise only around $42 million (around Rs 342 crore), including $5 million in debt. It’s worth mentioning that co-founder and CEO Anmol Singh Jaggi invested a little under Rs 110 crore, while BP Ventures—British energy giant BP’s venture capital arm and one of its most important investors—put in just around Rs 58 …
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