Indian EV startup BluSmart raises $25 mn

NEW DELHI: Switzerland-based impact investor responsAbility on Monday announced that it will invest up to $25 million in EV ride-hailing and charging provider BluSmart, as part of its $500 million climate investment strategy.

This investment will help BluSmart in expanding its EV charging infrastructure across India, signifying a significant step in responsAbility’s mission to mobilise capital and invest in solutions that generate positive societal and environmental impact in emerging markets, the company said.

"With responsAbility’s investment and support, we will continue our mission to rapidly expand our iconic 100 per cent EV ride-hailing service & building large EV charging infrastructure for a better, cleaner and more sustainable future," Anmol Singh Jaggi, Co-Founder of BluSmart, said in a statement.

BluSmart presently operates Southeast Asia’s largest vertically integrated EV ecosystem.

According to the company, its born-electric technology stack, built indigenously, operates 6,000 BluSmart EVs and has completed over 11 million all-electric trips, having covered 360 million all-electric kilometres, saving about 26,000 metric tons of CO2 since inception.

"We are dedicated to supporting these climate-focused growth companies that actively reduce CO2 emissions in Asia through targeted investments in low-emission technologies," said Sameer Tirkar, Principal APAC for Climate Finance at responsAbility.

BluSmart owns and operates 4,000 EV chargers across its 35 EV charging locations spread across 1.4 million square feet in Delhi NCR and Bengaluru.

BluSmart crossed $50 million in annual revenue run-rate and is growing at more than 100 per cent (year-on-year), the company mentioned.