Anmol Singh Jaggi is striving to disrupt the duopoly of Ola and Uber in the cab-hailing market with his venture, BlueSmart.
Serial entrepreneur Anmol Singh Jaggi has recently acquired a 2 per cent stake in his electric mobility startup, BluSmart, previously held by the venture capital fund Mayfield. The stake purchase amounted to approximately Rs 32 crore. In addition to BluSmart, Anmol Singh Jaggi serves as the CEO of Gensol Engineering, another thriving startup valued at over Rs 1400 crore. Gensol Engineering is currently developing an affordable electric car that will directly compete with Tata Motors’ electric vehicle lineup.
Jaggi has been making efforts to disrupt the duopoly of Ola and Uber in the cab-hailing market with his venture, BlueSmart, which was established in 2019. Initially, the company used to lease their cars to Uber, but now they have developed their own application and deployed electric vehicles (EVs) for customers who hail cabs.
Anmol Singh Jaggi identified several gaps in the existing cab-hailing industry, where drivers are burdened with car loans carrying high-interest rates and bear substantial expenses for maintenance and fuel. To address these issues, Jaggi developed a cost structure for BluSmart that is 40 per cent lower than that of Uber and Ola. BluSmart offers car leases to drivers at interest rates below 10 per cent. While the charges for using BluSmart’s services are currently on par with Ola and Uber, the company aims to achieve profitability in the future.
Furthermore, BluSmart implements a rigorous screening process for its drivers, allowing only 3 out of every 10 applicants to qualify. Anmol Singh Jaggi also takes a firm stance against surge pricing, prioritizing fair and consistent pricing for customers.
In the fiscal year, the company recorded revenue of Rs 50 crore. With promising prospects, BluSmart aims to achieve a projected growth of 10 times by April 2024.
In the previous year, BluSmart sold a 10 per cent stake for Rs 140 crore, resulting in a valuation of Rs 1400 crore. The company is currently focused on developing an electric vehicle (EV) that aims to capture a significant portion of the market share held by WagonR. Additionally, BluSmart has plans to expand its solar Engineering, Procurement, and Construction (EPC) business.
The company’s objective is to maintain the costs of its electric vehicle (EV) at a maximum of Rs 6 lakh while ensuring a maximum range of 200 km and a top speed exceeding 95 mph.
Anmol Singh Jaggi is the son of an Army officer.
Anmol Singh Jaggi and his younger brother Punit Singh Jaggi are the co-founders of Gensol Ventures Private Limited. Together, they held an 80 per cent stake in BluSmart.
Anmol Singh Jaggi completed his B.Tech in Applied Petroleum Engineering from the University of Petroleum and Energy Studies. He graduated in 2007.
BluSmart is currently valued at Rs 2055 crore. The company recently secured a funding round of 42 million dollars. In terms of electric vehicle sales in India, Tata Tigor holds the position of being the second most popular choice.
The Tata Tigor is priced at Rs 12.49 lakh, while the Tata Tiago is priced at Rs 8.69 lakh.