MS Dhoni invests in Rs 2089 crore startup, rival of Ola, Uber; check his other investments

The office of the former captain of the Indian cricket team, Mahendra Singh Dhoni, was among the investors in a ₹200-crore funding round at BluSmart.

Established in 2019, Blusmart is a ride-hailing service like the IPO-bound Ola and Uber but Blusmart deals only in electric vehicles.

This is Dhoni's third investment in startups in the automobile sector.

Some of Dhoni's other investments comprise electric cycles maker EMotorad, used car retailer Cars24, and digital lending platform Khatabook.

“Investing in BluSmart’s sustainable business model is not just about supporting a company; it's about being part of a movement that shapes the future of mobility. In a world where innovation drives sustainable choices, I am excited to back BluSmart's pioneering efforts in reshaping urban transportation," Dhoni stated.

As per a CNBC-TV18 report, the pre-series B fundraising was on May 24. The five-year-old startup is worth $250 million or Rs 2089 crore.

The founders of Ola, which was started in 2010, are reportedly targeting a valuation of over $7 billion in the upcoming IPO. However, as of February 2024, one of Ola's investors had reduced the valuation to $1.9 billion.

Other new investors in Blusmart include big names like Sumant Sinha (founder, chairman and CEO of ReNew) and responsAbility Investments AG (a leading impact asset manager). Existing investors and the company's founders Anmol Singh Jaggi, Punit K Goyal and Puneet Singh Jaggi were also included in this, the press release added.

The Blusmart services are available in New Delhi, Gurugram, Noida, and Bengaluru in India. In June 2024, the company launched its first international operations in Dubai with an all-electric limousine service.

Blusmart had earlier raised over $200 million in equity investments and got long-term and sustainable EV asset financing of $200 million.