India’s first EV ride-hailing giant with charging network sees 102% annual revenue growth
BluSmart, India’s leading electric vehicle (EV) ride-hailing service, has achieved a significant milestone, entering the ₹500 crore Annual Revenue Run-rate (ARR) club (approximately $60 million USD) as of April 2024. This marks a remarkable 102% growth in annual revenue compared to April 2023, showcasing the company’s phenomenal trajectory in the Indian EV space.
BluSmart stands as the first and largest vertically integrated EV ride-hailing service with its own extensive EV charging infrastructure network in India. This achievement underscores their commitment to building a comprehensive energy-infrastructure, mobility, and technology company to capitalize on the burgeoning EV revolution in the country.
The company has witnessed impressive growth over the past few years, transitioning from an ARR of $1 million in FY March 2021 to a staggering $60 million in FY March 2024. This consistent rise reflects the success of BluSmart’s sustainable “born-electric” business model, designed for scalability and long-term impact.
BluSmart’s ARR Growth Trajectory (FY):
- FY March 2021: $1 million
- FY March 2022: $8 million
- FY March 2023: $29 million
- FY March 2024: $60 million
BluSmart’s achievement positions them as a frontrunner in India’s push towards decarbonization and electrification of mobility. Their commitment to a sustainable business model and focus on building a comprehensive EV ecosystem paves the way for continued growth and leadership in the Indian EV market.