Zurich-based impact-focused investor responsAbility Investments has announced a significant investment of $25 million in BluSmart, the electric vehicle (EV) ride-hailing startup. This funding aims to support BluSmart in its mission to expand its charging infrastructure throughout India. The investment aligns with responsAbility’s broader strategy to finance initiatives that contribute to reducing CO2 emissions and advancing low-emission technologies in the Asian market.
This commitment follows responsAbility’s collaboration with German development bank KfW and Dutch development bank FMO in November of the previous year, wherein they established a $500-million climate investment strategy. The focus of this strategy is to nurture businesses that actively work towards environmental sustainability and positive social impact. Sameer Tirkar, Principal Investor, APAC, for climate finance at responsAbility, emphasized how BluSmart’s role in reducing carbon emissions in urban transportation perfectly aligns with their commitment to sustainable investments.
BluSmart recently secured $24 million in an equity funding round from existing founders, investors, and the leadership team. The primary objective of this funding is to scale its charging superhubs and expand its fleet of electric vehicles. The startup, based in Gurugram, had deferred its $250-million Series B round, initially shared with YourStory in January, due to a widespread funding crunch. Furthermore, BluSmart repurchased the stake of Mayfield India, an early supporter, in May. The company currently operates 6,000 electric cabs and 4,000 EV chargers in Delhi-NCR and Bengaluru.
Anmol Singh Jaggi, Co-founder of BluSmart, expressed the company’s commitment to large-scale investments in real EV assets and infrastructure since its inception, with a focus on decarbonizing mobility on a significant scale. With the support and investment from responsAbility, BluSmart aims to accelerate the expansion of its 100% EV ride-hailing service and the development of a robust EV charging infrastructure.
In addition to equity funding, BluSmart has raised $200 million in loans from development financial institutions, further bolstering its efforts to expand its fleet of electric cars. This multi-faceted approach, combining equity funding and loans, underscores BluSmart’s commitment to achieving substantial growth in the electric mobility sector.
As BluSmart continues to play a pioneering role in the reduction of carbon emissions through its EV ride-hailing service, the investment from responsAbility signifies a strategic partnership that aims to drive positive environmental and social impact. This infusion of capital will undoubtedly play a crucial role in advancing BluSmart’s mission to revolutionize urban transportation by promoting sustainable and eco-friendly mobility solutions across India.
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