BluSmart, a startup vying with Ola and Uber in the electric vehicle (EV) ride-hailing sector, is securing $25 million in funding from Swiss-based firm ResponsAbility. This investment, forming part of ResponsAbility’s $500 million climate investment strategy, aims to support BluSmart’s efforts in expanding its EV charging infrastructure throughout 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.
Based in Gurugram, BluSmart operates the largest integrated electric vehicle (EV) ecosystem in Southeast Asia. The company boasts a fleet of 6,000 EVs, facilitating over 11 million all-electric trips and maintaining 4,000 EV chargers spread across 35 locations in Delhi NCR and Bengaluru.
BluSmart reports impressive financial figures, with an annual revenue run rate surpassing $50 million and a growth rate exceeding 100% year-on-year. To optimize unit economics, the company is refining its tariff structures, introducing differentiated pricing for ‘rush hours’ and ‘relaxed hours.’ In its latest funding round, BluSmart secured $20 million in debt and $5 million in equity, bringing its total funding to nearly $160 million. Previous rounds include a $24 million equity injection in December 2023 and $42 million in May of the preceding year. Additionally, the company has secured $200 million in long-term EV asset financing from prominent Development Financial Institutions (DFIs).
Sameer Tirkar, Principal APAC for Climate Finance at ResponsAbility, emphasized BluSmart’s contribution to 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.