Indian EV firm BluSmart crosses Rs 500 crore in annual run rate in FY24

Homegrown electric vehicle (EV) company BluSmart on Tuesday said it has crossed Rs 500 crore in annual run rate (ARR) in FY24, achieving 102 per cent growth over the previous fiscal year.

The company's gross business value (GBV) delivered a compound annual growth rate (CAGR) of 300 per cent over the last three years, it said in a statement.

“As we surge ahead, our commitment to building a fully integrated energy-infrastructure, mobility, and technology business remains unwavering,” said Anmol Singh Jaggi, co-founder of BluSmart.

“We are witnessing a rise in demand for sustainable mobility solutions, reinforcing the growth of a greener, more sustainable future,” he added.

BluSmart said it has the largest fleet in South Asia of over 7,300 EVs, which have covered 460 million “clean kilometres" saving 34 million kgs of CO2 emissions.

The BluSmart charging network has also grown multifold and spans across prime locations in Delhi-NCR and Bengaluru.

Earlier this year, BluSmart became the first mobility player in India to achieve 100 per cent emissions-free status.

The fully integrated EV ride-hailing service provider aims to reach 10,000 EV fleet by the end of 2024.