BluSmart Mobility, an Indian electric vehicle (EV) ride-hailing company, has secured 342 crore rupees ($41.8 million) in a bridge financing round.
The round, which has boosted the company's valuation to $250 million, was backed by existing investors BP Ventures and Survam Partners.
BluSmart Mobility intends to utilize the investment from the latest round to expand its ongoing operations and penetrate deeper into major cities.
Additionally, the company will also use the capital injection to more than double its fleet and deploy over ten thousand EVs in the financial year 2024.