The funding, which is part of ResponsAbility's $500 million climate investment strategy, will bolster BluSmart's expansion of its EV charging infrastructure across India.
BluSmart's co-founder Anmol Singh Jaggi emphasized the company's commitment to "decarbonize mobility at scale" with this investment.
"With responsAbility’s investment and support we will continue our mission to rapidly expand our iconic 100% EV ride-hailing service & building large EV charging infrastructure for a better, cleaner and a more sustainable future," Jaggi said.
Headquartered in Gurugram, BluSmart operates Southeast Asia’s largest integrated EV ecosystem. The startup claims to have 6,000 EVs, over 11 million all-electric trips and owns 4,000 EV chargers across 35 locations in Delhi NCR and Bengaluru.
It also claims to have achieved an annual revenue run rate crossing $50 million and a growth rate of over 100% year-on-year. BluSmart is tweaking its tariff structures to improve unit economics, introducing a new pricing structure with different rates for 'rush hours' and 'relaxed hours'.
The funding comprises debt and equity
The latest funding comprises $20 million in debt and $5 million in equity. BluSmart has raised nearly $160 million to date, including a $24 million equity round in December 2023 and $42 million in May of the previous year.
Additionally, It has secured $200 million in long-term EV asset financing from leading Development Financial Institutions (DFIs).
Reducing carbon emissions
Sameer Tirkar, Principal APAC for Climate Finance at ResponsAbility, highlighted BluSmart's role in reducing carbon emissions in urban transportation.
"We are dedicated to supporting these climate-focused growth companies that actively reduce CO2 emissions in Asia through targeted investments in low-emission technologies. The team at BluSmart has built a commendable EV ride-hailing and EV charging infrastructure business in India and is building world-class electric charging infrastructures, which are key to the rapid EV penetration in India," said Tirkar.
responsAbility had partnered with Germany's development bank KfW and the Dutch development bank FMO and launched a $500 million climate investment strategy, which is aimed at actively reducing CO2 emissions in Asia.
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