BluSmart competing with Ola and Uber raises $25M from Swiss-based ResponsAbility

BluSmart, a startup in the EV ride-hailing space, has raised $25 million in funding from Swiss-based firm ResponsAbility as part of a $500 million climate investment strategy

The funding will support BluSmart's expansion of its EV charging infrastructure across India

BluSmart operates Southeast Asia's largest integrated EV ecosystem, with 6,000 EVs, over 11 million all-electric trips, and 4,000 EV chargers across Delhi NCR and Bengaluru

The company has achieved an annual revenue run rate of over $50 million and a growth rate of over 100% year-on-year

BluSmart is introducing a new pricing structure with different rates for 'rush hours' and 'relaxed hours' to improve unit economics

The latest funding comprises $20 million in debt and $5 million in equity, bringing the total raised to nearly $160 million

BluSmart has also secured $200 million in long-term EV asset financing from leading Development Financial Institutions

ResponsAbility highlights BluSmart's role in reducing carbon emissions in urban transportation and their commitment to building world-class electric charging infrastructures in India