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BluSmart raises $7 Mn, Initiates ESOP scheme worth 22 Lac

Electric ride hailing platform BluSmart announced on Monday that it has raised $7Mn or 51 crores in Pre-series A funding round.  The round saw participation of multiple investors including Inflection Point Ventures, Chhattisgarh Investment limited, Lets Ventures, Uday Venture and JITO Angels.

The company has already received approximately INR 8 crores in the first tranche, ROC filings showed. It is likely to receive remaining funds in the coming months. For additional fundraising through pre-series A round, the company has increased its authorized capital from rupees two crores twenty five lakh to two crores seventy-five lakh.

In another important development, the Ahmedabad based company has also allotted total 2,19,513 shares under its ESOP scheme. ROC filing showed that before angle funding last year, company’s stake ownership was as follows:  co-founder Puneet Singh Jaggi owned 45%, co-founder Punit Goyal owned 10% stake and Jasminder Kaur owned 45% stake. However, following the angel funding and pre-series A funding, the co-founders ownership stake must have diluted to a great extent.

The company has said that the funds raised via pre-series A round will be used for expanding its electric fleets, setting up EV charging infrastructure and making technology related improvements. Additionally, the company will use the funds for expanding its footprints across the country. As of now, the company predominantly operates its ride-hailing network across Delhi-NCR region.

According to unconfirmed reports, the company is separately in talks to raise debt fund for its business expansion.

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