n the cutthroat world of cab-hailing, taking on the seasoned titans Ola and Uber appeared to be a David versus Goliath story—until BluSmart Mobility decided to change the script. The scenery abruptly changed. BluSmart not only shown that there is room for innovation, but it also altered the game.
It all started in 2017, when Punit K. Goyal, a successful entrepreneur in the solar power plants business, was having a critical conversation with Brent Callinicos, former CFO of Uber, over dinner in Los Angeles. The conference convinced Goyal that electric solutions, intricately integrated into an energy-infrastructure-mobility network, were the future of transportation. Goyal returned to India with the goal of establishing a born-electric, integrated full-stack EV ride-hailing business and EV charging network.
Meanwhile, the leaders of India’s cab-hailing business were steadily turning away from the incentives-driven approach, resulting in a dramatic reduction in service quality, as evidenced by badly maintained vehicles, frequent cancellations, and long wait times.
The holes in the ride-hailing market were evident to Jaggi. The pair spent two years immersed in the ride-hailing sector, jet-setting across the US and beyond to meet with charging providers and EV manufacturers. The end result? A fully electric ride-hailing service that will be available in mid-2019.
Tushar Garg, Rishabh Sood, and Anirudh Arun soon joined them as co-founders.
The company’s first fleet of electric vehicles ran on the Uber platform, opening the way for the company to eventually develop its own app. As a separate organization, the company introduced fixed tariffs and scheduled rides, addressing user concerns about surge pricing and cancellations.
They had to solve the obvious charge problem as the next stage. The charging infrastructure proved to be both a roadblock and a key opportunity in the path to broad EV adoption. The company quickly launched Charging Superhubs, which currently span 1.3 million square feet and serve the whole electric transportation ecosystem.
As a result, BluSmart is developing an integrated energy-infrastructure-mobility-technology enterprise with the goal of achieving widespread decarbonization of mobility. Today, the firm operates India’s largest EV ride-hailing service, with over 5,500 cars zipping around the crowded mobility markets of Delhi NCR and Bengaluru.
BluSmart thrives on increased profitability as a result of its higher-ticketed trips and cost-effective fleet. Leasing EVs at an institutional level ensures a price advantage as well as lower fuel expenses for the least amount of cash burn. BluSmart has a cost structure that is 30-40% cheaper than competitors’ rates, guiding it toward its profitability target. This enables the company to provide on-time, professional, and clean cabs at competitive costs.
“As a start-up with the goal of disrupting public transportation, we knew we had to do it in a way that not only actively improves the mobility ecosystem but also considers emissions.” “Our vision has always been to decarbonize mobility on a large scale,” adds Jaggi.
In the foreseeable future, the company’s business goal includes extending across Delhi NCR and Bengaluru.
“We plan to increase our EV fleet to 8000 vehicles by next year and strengthen our charging infrastructure to meet rising demand.” Additionally, boosting the percentage of female drivers is an important short-term aim, as is offering new earning opportunities for our driving partners.