EV ride-hailing firm BluSmart close to raising $250 million, claims CEO Anmol Jaggi

The chief executive of Indian ride-hailing start-up BluSmart Electric Mobility has said it is close to raising $250 million from investors, including BP’s venture capital division.
BluSmart, which runs an all-electric vehicle (EV) fleet, was expecting to finalise deals with impact funds and private equity investors within the next two months, he said.
“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 US and Europe, “he said.
Jaggi did not disclose the valuation at which money is being raised but said ride-hailing companies such as BluSmart are typically valued at 15-18 times their annual revenue run rate.