New Delhi, May 4 (IANS): Leading EV ride-hailing and charging provider BluSmart Mobility on Thursday said it has raised $42 million in the recent round and will continue to build on its vision of decarbonising the future of transportation in the country.

The latest round included an equity round of $37 million and venture debt of $5 million which saw participation from existing energy investors, with almost 50 per cent of the round being subscribed by the BluSmart founders and leadership team.

With an all-electric ride-hailing fleet size of 3,500 EVs currently operating in Delhi-NCR and Bengaluru, BluSmart plans to have 10,000 EVs in FY24.

"The electrification of public transportation is imminent but the path to electrification has its own challenges. BluSmart tackles these challenges through an integrated and full-stack approach, optimally using and maintaining the EV ride-hailing fleet at scale," said Anmol Singh Jaggi, Co-founder and CEO, BluSmart Mobility.

BluSmart's monthly revenue has grown 3 times over the last three quarters and to scale further this funding round will be utilised to penetrate deeper into mega cities, expansion of fleet capacity to 10,000 over the next 1 year.

BluSmart recently secured the largest EV asset financing of Rs 633 crore in India, backed by the Power Finance Corporation (PFC), which will add 5,000 EVs to BluSmart's growing fully-electric ride-hailing fleet.

"We are focused on sustainability and profitability with a larger purpose to accelerate EV adoption and reverse climate change." said Tushar Garg, Co-founder and Chief Business Officer, BluSmart Mobility.

BluSmart has raised $109 million across rounds which includes an equity raise of $85 million. It has also received EV asset leasing of $150 million (Rs 1,200 crore) backed by Development Financial Institutions like PFC, IREDA among others.