BluSmart has big plans and little direction

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 …


Pradip K. Saha

Pradip is a co-founder at The Morning Context and leads our newsletters vertical. He has previously worked at The Ken as a staff writer, at Mint as an assistant features editor and the Deccan Chronicle as a copy editor. He works with a slew of expert newsletter writers across subjects and domains. His own writing spans the gig economy, farmers caught in the crossfire of technology, global warming and parents trapped in the edtech wave. Some of his best stories have come at the intersection of technology and human endeavour.

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