Former Indian cricket captain MS Dhoni has made a significant investment in the ride-hailing startup BluSmart, contributing to a ₹200 crore funding round. Established in 2019, BluSmart distinguishes itself by exclusively operating electric vehicles, positioning itself as a sustainable alternative to mainstream platforms like Ola and Uber. This marks Dhoni’s third investment in the automobile sector.
Overview of BluSmart
BluSmart is a ride-hailing service that focuses solely on electric vehicles. With a valuation of $250 million (approximately ₹2,089 crore), the startup aims to reshape urban transportation in India. Dhoni’s investment reflects his commitment to supporting sustainable business models within the automotive industry.
Dhoni’s Broader Investment Portfolio
Apart from BluSmart, Dhoni has invested in several other startups within the automobile sector, including:
- EMotorad: A manufacturer of electric bicycles.
- Cars24: A used car retail platform.
- Khatabook: A digital lending service.
Dhoni’s Vision for Sustainable Mobility
In a statement, Dhoni expressed his enthusiasm for BluSmart’s mission: “Investing in BluSmart’s sustainable business model is not just about supporting a company; it’s about being part of a movement that shapes the future of mobility. I am excited to back BluSmart’s pioneering efforts in reshaping urban transportation.”
Recent Funding and Valuation Insights
According to a report from CNBC-TV18, the recent pre-series B funding took place on May 24. The founders of BluSmart include notable figures such as Anmol Singh Jaggi, Punit K. Goyal, and Puneet Singh Jaggi. Other prominent investors in this round include Sumant Sinha, the CEO of ReNew, and responsAbility Investments AG, a leading impact asset manager.
Competitive Landscape
BluSmart operates in key Indian markets such as New Delhi, Gurugram, Noida, and Bengaluru. In June 2024, the startup expanded its operations internationally by launching an all-electric limousine service in Dubai. This expansion comes at a time when competitors like Ola are also preparing for their upcoming IPO, targeting a valuation of over $7 billion despite fluctuations in investor valuations.
Future Prospects
BluSmart has previously raised over $200 million in equity investments and secured an additional $200 million in sustainable EV asset financing, indicating strong backing for its growth and expansion strategies. Dhoni’s involvement not only highlights the potential of the electric vehicle market but also reinforces his commitment to promoting sustainable transportation solutions.
