The EV charging network, BluSmart announced that its asset-leasing initiative, Assure by BluSmart has surpassed Rs.100 crore. The company claims that the program has grown ten times in monthly scale of financing, in the first year of its launch and has onboarded more than 25 large partners.
‘Assure by BluSmart’: Initiative by BluSmart
The initiative has received huge support from many green financing institutions, transport operators, and family offices. With Assure by BluSmart, the company has expanded its fleet to include premium vehicles like the MG ZS SUV, alongside Tata Tigor and Citroen eC3.
Through this initiative, partners can buy electric cars and lease them to BluSmart, where the EVs operate on the platform and generate earnings from trips, providing fixed monthly rentals for partners. The initiative offers a strong double-digit pre-tax IRR and a 40% accelerated depreciation benefit, available exclusively for EVs.
Commenting on the milestone, Anmol Jaggi, Co-founder, BluSmart said, “The success of Assure by BluSmart demonstrates the strong appetite for sustainable investment opportunities in India, and the response to the initiative in its first year by our investors has been reassuring. We are confident that Assure by BluSmart will continue to play a vital role in achieving our mission to provide reliable, 100% emission-free transportation across markets.”
BluSmart Expansion
Said to have over 8,500 EVs in South Asia, BluSmart has completed over 680 million clean km and 21 million rides, reducing CO2 emissions by more than 49,000 tons. Currently, BluSmart’s charging network has 5,800 stations across 50 hubs in Delhi NCR and Bengaluru, covering over 2 million sq. ft., with support from over 10,000 active driver partners.
Founded in 2019, BluSmart aims to “Decarbonize Mobility at Scale” through a vertically integrated business in energy, mobility, and technology. The company has also expanded internationally with a premium all-electric limousine service launched in the UAE in June 2024. In addition, the company has received a US patent for its innovative electric mobility allocation system, highlighting its leadership in technology, innovation, and sustainability.
