Tue. May 28th, 2024

TLDR:

The Indian electric vehicle (EV) startup BluSmart has raised $25 million from Swiss investor responsAbility. This investment will aid BluSmart in expanding its EV charging infrastructure across India. BluSmart currently operates Southeast Asia’s largest vertically integrated EV ecosystem and has completed over 11 million all-electric trips, saving about 26,000 metric tons of CO2. The company plans to use the funds to continue its mission of building a sustainable and cleaner future.

BluSmart, an Indian EV ride-hailing and charging provider, has secured a $25 million investment from Swiss investor responsAbility. The investment is part of responsAbility’s $500 million climate investment strategy and will support BluSmart in expanding its EV charging infrastructure across India. This investment signifies a significant step in responsAbility’s mission to mobilize capital and invest in solutions that generate positive societal and environmental impact in emerging markets.

BluSmart is known for operating Southeast Asia’s largest vertically integrated EV ecosystem. The company’s born-electric technology stack, built indigenously, currently operates 6,000 BluSmart EVs and has completed over 11 million all-electric trips, covering 360 million all-electric kilometers. Since its inception, BluSmart has saved about 26,000 metric tons of CO2.

With responsAbility’s investment, BluSmart aims to rapidly expand its EV ride-hailing service and build a large EV charging infrastructure for a better, cleaner, and more sustainable future. BluSmart owns and operates 4,000 EV chargers across its 35 EV charging locations in Delhi NCR and Bengaluru.

BluSmart has seen significant growth, crossing $50 million in annual revenue run-rate and growing at more than 100% year-on-year. The company’s success in the EV industry is attributed to its commitment to reducing CO2 emissions through targeted investments in low-emission technologies. The investment from responsAbility will further strengthen BluSmart’s position as a key player in the Indian EV market.

This investment marks responsAbility’s dedication to supporting climate-focused growth companies that actively reduce CO2 emissions in Asia. The investment is aligned with responsAbility’s mission to invest in low-emission technologies that have a positive impact on the environment. responsAbility aims to mobilize capital and invest in solutions that contribute to a greener and more sustainable future in emerging markets.

Overall, the investment from responsAbility will enable BluSmart to accelerate its expansion plans and make significant strides in building a cleaner and more sustainable transportation ecosystem in India. With the increasing focus on reducing carbon emissions and promoting sustainable mobility, BluSmart is well-positioned to capitalize on the growing demand for electric vehicles and charging infrastructure in the country.

Related Post