Electric Vehicle Rental Startup Blu Smart Raises $2.2 Mn in Funding led by JITO Angel Network

Electric mobility service provider Blu Smart Mobility said on Friday it has raised USD 2.2 million (over Rs 15 crore) from multiple investors led by JITO Angel Network.

Investors who participated in the angel round also included Hero MotoCorp, MayField Fund and Centrum, Micromax and few individuals, Blu Smart Mobility said in a statement.

The fund raised will help the company expand its offerings and services beyond Delhi-NCR where it is currently centred, it added.

The Gurgaon headquartered start-up was launched as an all-electric cab service in collaboration with Mahindra and Mahindra in June this year. In addition to cab services, its offerings now also include ride sharing, car sharing, and shared charging.

The company had flagged off a fleet of 70 Mahindra e-Verito vehicles in Delhi-NCR. It now plans to add 500 Mahindra e-Verito electric sedans by April 2020. PTI RKL RKL