responAbility Investments Commits $25 Million Investment in BluSmart for Expanding EV Charging Infrastructure in India
- ByStartupStory | January 29, 2024
Respected impact-focused investor responAbility Investments, headquartered in Zurich, has announced a substantial investment of $25 million in BluSmart, the leading EV ride-hailing startup in India. This strategic move aims to facilitate BluSmart’s extensive expansion of its charging infrastructure across the country. The investment aligns with responsAbility’s overarching strategy to fund initiatives that contribute to the reduction of CO2 emissions and the development of low-emission technologies in Asia.
The investment follows responsAbility’s recent collaboration with German development bank KfW and Dutch development bank FMO to establish a $500-million climate investment strategy, emphasizing its commitment to fostering positive environmental and social impact.
Sameer Tirkar, Principal Investor, APAC, for climate finance at responsAbility, expressed the synergy between BluSmart’s environmental goals and responsAbility’s mission, stating, “BluSmart’s pioneering role in reducing carbon emissions in urban transportation aligns perfectly with responsAbility’s mission to invest in sustainable businesses that drive positive environmental and social impact.”
BluSmart, which raised $24 million in a recent equity funding round, plans to utilize responsAbility’s investment to scale its charging superhubs and expand its fleet of electric vehicles. The Gurugram-based startup currently operates 6,000 EV cabs and 4,000 EV chargers in Delhi-NCR and Bengaluru.
Anmol Singh Jaggi, Co-founder of BluSmart, highlighted the company’s commitment to decarbonizing mobility at scale, saying, “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 and build large EV charging infrastructure.”
In addition to equity funding, BluSmart has also secured $200 million in loans from development financial institutions to further amplify its fleet of electric cars. The investment from responsAbility positions BluSmart for accelerated growth, reinforcing its position as a key player in the sustainable and eco-friendly mobility landscape in India.
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