Indian EV company BlueSmart crosses Rs 500 crore annual run rate

New Delhi: Domestic electric vehicle (EV) company BlueSmart on Tuesday said it has crossed Rs 500 crore annual run rate (ARR) in FY24, a growth of 102 per cent compared to the previous fiscal.

The company’s gross merchandise value (GBV) has delivered a compound annual growth rate (CAGR) of 300 per cent in three years, it said in a statement. “As we grow, our commitment to building a fully integrated energy-infrastructure, mobility and technology business remains unwavering,” said Anmol Singh Jaggi, Co-Founder, BlueSmart.

“We are seeing an increase in demand for sustainable mobility solutions, underpinning the development of a greener, more sustainable future,” he said. BlueSmart said it has the largest fleet of over 7,300 EVs in South Asia, which have covered 460 million “clean kilometres” and saved 34 million kg of CO2 emissions.

The BlueSmart charging network has also grown manifold and has expanded to key locations in Delhi-NCR and Bengaluru. Earlier this year, BlueSmart became the first company in India to achieve 100 percent emissions-free status. The company aims to include 10 thousand EV vehicles in its fleet by the end of 2024.