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MS Dhoni Backs BluSmart: Champions Eco-Friendly Commute
Mahendra Singh Dhoni has made another significant investment in the automobile sector by backing BluSmart, a Gurugram-based startup. This marks at least his third venture in this space, following investments in EMotorad and Cars24. BluSmart, which operates an electric vehicle (EV) fleet, aims to expand its services to Mumbai by the end of 2024.
The former Indian cricket captain's family office participated in a ₹200-crore funding round for BluSmart. Founded in 2019, BluSmart offers ride-hailing services similar to Ola and Uber but exclusively uses electric vehicles. The company is valued at $250 million and plans to grow further.
Dhoni's Investment Portfolio
Dhoni's investment portfolio includes electric cycle manufacturer EMotorad and used car retailer Cars24. He has also invested in Khatabook, a digital lending platform. These investments reflect his interest in innovative and sustainable business models.
"Investing in BluSmart's sustainable business model is not just about supporting a company; it's about being part of a movement that shapes the future of mobility. In a world where innovation drives sustainable choices, I am excited to back BluSmart's pioneering efforts in reshaping urban transportation," Dhoni said, according to the statement.
BluSmart's Growth and Expansion
BluSmart currently operates in New Delhi, Gurugram, Noida, and Bengaluru. In June 2024, it launched its first international service in Dubai with an all-electric limousine fleet. The company plans to enter the Mumbai market by the end of 2024.
In December 2023, co-founder Punit Goyal shared with CNBC-TV18 that BluSmart had crossed an annual revenue run rate of ₹550 crore ($65 million). The startup has raised over $200 million in equity investments and secured long-term EV asset financing worth $200 million from leading development financial institutions (DFIs).
Comparative Valuations
To provide context, Ola was founded in 2010 and is reportedly targeting a valuation of over $7 billion for its upcoming IPO. However, as of February 2024, one of Ola's investors had reduced its valuation to $1.9 billion. This highlights the competitive landscape within which BluSmart operates.
Other new investors in BluSmart include Sumant Sinha (founder, chairman and CEO of ReNew) and responsAbility Investments AG (a leading impact asset manager). Existing investors Anmol Singh Jaggi, Punit K Goyal, and Puneet Singh Jaggi also increased their stakes during this funding round.
DriveSpark Thinks
BluSmart aims to revolutionise urban transportation by offering eco-friendly ride-hailing services. With Dhoni's support and substantial financial backing from other investors, the company is well-positioned for future growth.
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