Anmol Singh Jaggi, a serial entrepreneur, has bought the 2 percent stake of Venture capital fund Mayfield in his electric mobility startup BluSmart. The company's stakes have come for around Rs 32 crore. Anmol Singh Jaggi is also the CEO of another successful startup with a valuation of over Rs 1400 crore -- Gensol engineering. This company is working on an affordable electric car which will be a direct competitor to Tata Motors' electric portfolio.
Jaggi has been trying to break the duo-poly of Ola and Uber in the cab-hailing market with BlueSmart. The company was founded in 2019. The company sends EVs for those who hail the cab. Earlier, they used to lend Uber their cars. Now they have an application of their own.
The existing cab players make drivers buy cars on debt which results in hefty interest rates. They also have to pay a lot of money in maintenance costs anc fuels. These were the gaps he identified. His existing cost structure is 40 percent lower than Uber and Ola. It leases its cars out to drivers at interest rates less than 10 percent. The charges are at par with Ola and Uber, which will make it profitable later.
The company also screens its drivers thoroughly. Only 3 drivers make through for every 10 who apply. He is also against surge pricing.
The company's revenue was Rs 50 crore. The projected growth could be 10x by April 2024.
Last year, the company sold 10 percent stakes for Rs 140 crore which means a valuation of Rs 1400 crore. The company is working on an EV that targets WagonR's market share. It also wants to expand its solar EPC business.
The company is aiming to keep costs down to Rs 6 lakh, maximum range to be 200 km and a top speed of over 95 kmph.
He is the son of an Army officer.
He and his younger brother Punit Singh Jaggi co-founded Gensol Ventures Private Limited. They had 80 percent stake in Blusmart.
He did his B.Tech in applied petroleum engineering from the University of Petroleum and Energy Studies. He passed out in 2007.
BluSmart's current valuation is Rs 2055 crore. The company recently raised 42 million dollars. Tata Tigor is the second most selling EV in India.
Tata Tigor is priced at Rs 12.49 lakh. Tata Tiago is priced at Rs 8.69 lakh.
