BluSmart, India’s biggest electric car operator, is planning to raise more than $300 million in three years as it wants to expand its fleet by thousands of cars. The company aims to increase its fleet of electric vehicles to take on the likes of Uber and Ola.

According to a report in Bloomberg, BluSmart plans to increase its fleet of EVs to 13,000 by March 2025 from 7,500 currently, as per Punit Goyal, co-founder of BluSmart, who divulged in an interview. It aims to have 25,000 cars in three years.

The EV car operator wants to move beyond Delhi, especially to the city of Bengaluru. Then there is already the expansion in Dubai where it will launch around 100 Audi EVs next month. It has plans to expand the fleet in Dubai to 300 EVs and include Tesla cars too by December.

Goyal said that they don’t want to venture into small cities as that’s not where the revenues come from. He said that cheap rides and cheap pricing is not their forte.

Nevertheless, the moolah may be in Dubai but the population is here in India, and it will continue to remain BluSmart’s focus, the co-founder highlighted. He said that India presents a huge opportunity and hence is the key market.

BluSmart also estimates doubling its annual revenue to $110 million by March 2025.

The company has secured $200 million in equity and long-term growth debt so far and is currently raising $25 million, including investments from its founders, existing investors, family offices and founders of other startups. This funding round, part of its three-year $300 million plan will close by late June, stated the report.