Zurich-based impact asset manager responsAbility Investments AG on Monday announced that it will invest $25 million in Indian electric ride-hailing startup BluSmart to help the latter expand its EV charging infrastructure across the country.
This investment is part of responsAbility’s broader strategy to fund initiatives that help reduce CO2 emissions and create low-emission technologies in Asia. The firm, along with Germany’s development bank KfW and Dutch development bank FMO, launched a $500-million climate investment strategy last November.
“BluSmart has been at the forefront of leading India’s EV mission. We have made large-scale investments in real EV assets and EV infrastructure since inception with a singular focus to ‘decarbonise mobility at scale’. 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 more sustainable future,” said Anmol Singh Jaggi, co-founder of BluSmart.
BluSmart currently operates 6,000 EVs and claims to have completed over 11 million all-electric trips. It also owns and operates 4,000 chargers across its 35 EV charging locations spread across 1.4 million sq feet in Delhi NCR and Bangalore.
The company crossed $50 million in annual revenue run-rate and is growing at more than 100% year-on-year.
BluSmart last raised $24 million (Rs 200 crore) in an equity round in December, which saw participation from existing investors, founders, and the leadership team. It has also secured long-term and sustainable EV asset financing of $200 million backed by leading development financial institutions.
It has previously been backed by investors including BP Ventures; Survam Partners; Sanjiv Bajaj; 9Unicorns; Stride Ventures; Alteria Capital; BlackSoil; and Ka Innovations LLP, the family office of Bollywood actress Deepika Padukone.