Hyperdrive
India EV-Only Uber Rival Raises $42 Million in BP-Led Round
- BluSmart Mobility is trying to challenge leaders Uber and Ola
- Startup arranges EV vehicle financing, contracts with drivers
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BluSmart Mobility, an Indian ride-hailing startup that uses only electric vehicles, has raised $42 million as it intensifies its battle against the two dominant operators, Uber Technologies Inc. and Ola Cabs.
Investors include BP Ventures, the investment arm of energy giant BP Plc that holds 20% equity. BluSmart is currently valued at $250 million, its co-founder Anmol Jaggi told Bloomberg News, and the founders too participated in the current round.