ResponsAbility Invests USD 25mn In BluSmart EV Network

As part of its broader USD 500 million climate investment strategy aimed at actively reducing CO2 emissions in Asia, responsAbility will invest up to USD 25 million on behalf of its investors in Indian EV ride-hailing service provider-BluSmart, the firm announced.

“This investment will help BluSmart expand its EV charging infrastructure across India and is a significant step in responsAbility’s mission to mobilize capital and invest in solutions that generate positive societal and environmental impact in emerging markets,” it said.

BluSmart currently operates one of the largest vertically integrated EV ecosystem in Southeast Asia. It operates 6,000 BluSmart EVs (100% electric ride-hailing service) and has completed over 11 million all-electric trips, covering 360 million all-electric kilometers, saving ~26,000 metric tons of CO2 since inception. BluSmart also owns and operates 4,000 EV chargers across its 35 EV charging locations spread over 1.4 million square feet in the densely populated megacities of Delhi NCR and Bangalore. BluSmart crossed USD 50 million in annual revenue run-rate and is growing at 100% year-on-year. ‘

BluSmart is building an integrated energy infrastructure, mobility and technology business to decarbonize mobility at scale, and these funds will be deployed to build large-scale EV charging superhubs to enable the expansion of its electric ride-hailing service. The investment follows BluSmart’s USD 24 million equity round, which was announced in December 2023. BluSmart has also secured USD 200 million in long-term, sustainable EV asset financing from leading Development Financial Institutions (DFIs).

Anmol Singh Jaggi, Co-Founder of BluSmart, said: “BluSmart has been at the forefront of India’s EV mission. Since inception, we have made large-scale investments in real EV assets and EV infrastructure with a singular focus on decarbonizing mobility at scale. With responsAbility’s investment and support, we will continue our mission to rapidly scale our iconic 100% EV ride-hailing service and build large EV charging infrastructure for a better, cleaner and a more sustainable future. Backed by some of the largest funds focused on energy infrastructure, energy transition and climate change, this new round marks a significant milestone in BluSmart’s journey to lead India’s transition to a zero-emissions mobility future.”

Sameer Tirkar, Principal APAC for Climate Finance at responsAbility said: “BluSmart’s pioneering role in reducing carbon emissions in urban transport aligns perfectly with responsAbility’s mission to invest in sustainable businesses that create positive environmental and social impact. We are dedicated to supporting these climate-focused growth companies that are actively reducing CO2 emissions in Asia through targeted investments in low-emission technologies. The BluSmart team has built a commendable EV ride-hailing and EV charging infrastructure business in India and is building world-class electric charging infrastructure, which is key to the rapid adoption of EV penetration in India.”