responsAbility to invest upto $25 million in BluSmart Mobility

BluSmart Mobility, one of India’s leading EV-ride hailing service and charging infrastructure company will see responsAbility invest upto $25 million (around Rs 210 crore) as part of its broader $500 million (Rs 4,165 crore) climate investment strategy aimed at actively reducing CO2 emissions in Asia.

This investment it says will help BluSmart expand its EV charging infrastructure across India and is a significant step in responsAbility’s mission to mobilise capital and invest in solutions that generate positive societal and environmental impact in emerging markets.

At present, BluSmart operates 6,000 EVs and has completed over 11 million all-electric trips, covering 360 million all-electric kilometres, which translates to a saving of 26,000 metric tonnes of CO2 since inception. It also owns and operates 4,000 EV chargers across its 35 EV charging locations spread over 1.4 million square feet in Delhi NCR and Bengaluru. BluSmart crossed $50 million (Rs 416 crore) in annual revenue run-rate and is said to be growing at 100% year-on-year.

The investment follows BluSmart’s $24 million (Rs 200 crore) equity round, which was announced in December 2023. BluSmart has also secured $200 million (Rs 1,666 crore) in long-term, sustainable EV asset financing from leading Development Financial Institutions (DFIs).

Anmol Singh Jaggi, Co-Founder, BluSmart said: “Since inception, we have made large-scale investments in real EV assets and EV infrastructure with a singular focus on decarbonizing mobility at scale. With responsAbility’s investment and support, we will continue our mission to rapidly scale our iconic 100% EV ride-hailing service and build large EV charging infrastructure for a better, cleaner and a more sustainable future.

Sameer Tirkar, Principal APAC for Climate Finance at responsAbility said: “We are dedicated to supporting these climate-focused growth companies that are actively reducing CO2 emissions in Asia through targeted investments in low-emission technologies. The BluSmart team has built a commendable EV ride-hailing and EV charging infrastructure business in India and is building world-class electric charging infrastructure, which is key to the rapid adoption of EV penetration in India.”