BluSmart reports 77% rise in GMV in first half of FY25

Electric vehicle (EV) ride-hailing platform BluSmart on Wednesday reported a 77% year-over-year increase in its gross merchandise value (GMV) to Rs 275 crore in the first half of FY25 compared to Rs 155 crore in the year-ago period.

GMV is a key metric used to calculate the total value of sales during a specific period.

The company also added that it expects the ongoing festive season between October and December to result in a rise in demand for the company’s services. It expects a 50% rise in total rides and a 60% rise in unique riders during the period.

“The exponential growth in revenue and GMV reflects both the trust of our riders and the mounting demand for sustainable mobility options. The festive surge in rentals, airport transfers, and daily ridership underscores BluSmart’s role in enhancing travel ease, especially during peak seasons. We remain committed to providing a reliable, eco-friendly travel experience to all,” said Punit Goyal, Co-Founder of BluSmart.

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BluSmart’s numbers come amid a push for cleaner modes of transport in India as consumers look for cleaner and more sustainable choices of commute, depicted by the rise in demand for EVs in India.

Founded in 2019, the company operates a fleet of over 8,500 EVs in Delhi NCR and Bengaluru. In June, the company launched in UAE as a premium all-electric limousine service, marking its first international foray.

In July, the company raised $24 million in a pre-Series B funding round to help power the company's expansion plans. 

The fundraise saw participation from new investors responsAbility Investments, Sumant Sinha, MS Dhoni Family Office, existing investors, and BluSmart's founders. 

BluSmart said it will use funds raised to expand operations and build EV charging infrastructure and assets across major Indian cities.