Business

Electric cab startup Blu Smart gets Rs 15 cr from Hero, Micromax

Delhi-based electric mobility startup Blu Smart has raised $2.2 Mn in seed funding. The investment came in from a group of angel investors with Jain International Trade Organization (JITO) Angel Network leading the round.

Apart from Jito Angel Network, other funds who participated in the Angel round included Hero MotoCorp, Mayfield Fund, and Centrum, Micromax and few individual investors among others. This startup focused on electric vehicles.

The fuel cost of an electric taxi is Rs 1.25 a km. While diesel and petrol cost of around Rs 6 and Rs 6.5 per km.

In June, the startup flagged off a fleet of 70 Mahindra e-Verito vehicles in Delhi NCR. It now plans to add 500 Mahindra e-Verito electric sedans by April 2020.

Related posts

Reliance becomes the first Indian company to hit Rs 9 lakh crore in market cap

NewsEnquire Desk

Vodafone idea to appoint new CEO after Balesh Sharma steps down

NewsEnquire Desk

MS Dhoni is investing in CARS24, and set to become a Brand Ambassador

NewsEnquire Desk