BluSmart, a leading (electric vehicle) EV ride-hailing service, has secured an investment of $25 million from responsAbility Investments, propelling its commitment to expanding the electric vehicle charging infrastructure and furthering sustainable transportation in India.
The investment aims to propel BluSmart’s expansion of its EV charging network across India.
BluSmart Mobility, recognized as Southeast Asia’s largest vertically integrated EV ecosystem, has secured a total funding of nearly $160 million to date.
The recent $25 million equity and debt round from responsAbility follows a $24 million capital injection received in December, reinforcing BluSmart’s commitment to fostering long-term and sustainable EV asset funds totaling $200 million.
“With responsAbility’s investment and support, we will continue our mission to rapidly expand our 100 percent EV ride-hailing service and build large EV charging infrastructure for a better, cleaner and more sustainable future,” Anmol Singh Jaggi, Co-founder of BluSmart, said.
EV Charging Infrastructure Expansion
The latest investment will be pivotal in BluSmart’s efforts to extend its EV charging infrastructure nationwide. BluSmart, currently operating 6,000 EVs, boasts over 4,000 EV chargers across 35 locations in Delhi-NCR and Bangalore, covering an expansive area of 1.4 million square feet.
With a revenue run rate surpassing $50 million and a remarkable year-on-year growth exceeding 100 percent, BluSmart is a prominent player in the EV ride-hailing service sector. Despite a 66 percent increase in losses to INR 65.4 crore during FY22, the firm witnessed a staggering 222 percent scale jump to INR 29 crore in the same fiscal year.
BluSmart introduced a novel pricing structure categorized into ‘rush hours’ and ‘relaxed hours’ starting January 8, 2024. This strategic move aligns with the company’s goal of maintaining a competitive edge in the evolving EV ride-hailing market. The company has completed over 11 million all-electric trips, underscoring its market presence and commitment to sustainability.
ResponsAbility’s Climate Investment Strategy
ResponsAbility’s investment in BluSmart is part of its broader $500 million climate investment strategy, aimed at mobilizing capital for solutions that generate positive societal and environmental impact in emerging markets. The collaboration with BluSmart reflects a shared commitment to advancing clean and sustainable transportation solutions.
With responsAbility’s strategic investment, BluSmart is well-positioned to continue its trajectory as a major player in the EV ride-hailing and charging infrastructure landscape. As the global push for sustainable transportation gains momentum, BluSmart’s initiatives and partnerships exemplify a dedicated effort toward shaping the future of clean mobility.
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