BluSmart Close to Raising $250 Million: CEO

The CEO of Indian ride-hailing startup BluSmart Electric Mobility has stated that the company is on the verge of raising $250 million from investors including BP's venture capital division.

BluSmart, which operates an all-electric vehicle (EV) fleet, expects to finalise agreements with impact funds and private equity investors within the next two months, according to Anmol Jaggi.

"Bp Ventures already has a stake in BluSmart and will be one of the lead investors in this round as well. Most of the other funding will come from global investors based in the U.S. and Europe," he told Reuters on Wednesday.

Jaggi did not reveal the valuation at which the funds are being raised, but he did say that ride-hailing companies like BluSmart are typically valued at 15-18 times their annual revenue run rate.

The British oil company's investment arm invested $13 million in BluSmart in September as part of a $25 million round, its first in India. Bp Ventures has stated that it is looking for additional opportunities in areas such as electric vehicle charging infrastructure, battery swapping, and energy storage.