BluSmart, a domestic electric vehicle (EV) ride-hailing and charging infrastructure platform, is set to receive an investment of up to $25 million from responsAbility Investments AG, a Switzerland-based asset manager. This investment is part of responsAbility’s broader $500 million climate investment strategy aimed at reducing carbon emissions in Asia. The funding will support BluSmart in expanding its EV charging infrastructure across India.
In the joint statement released on Monday, responsAbility highlighted its commitment to mobilizing capital and investing in solutions that create positive societal and environmental impacts in emerging markets. BluSmart, which has recently witnessed significant financial backing, aims to leverage this investment to further its mission of rapidly expanding its 100% EV ride-hailing service and building a large-scale EV charging infrastructure for a cleaner and more sustainable future.
In the previous month, BluSmart secured $24 million in an equity round, in addition to raising long-term and sustainable EV asset funds totaling $200 million. These funds were backed by leading development financial institutions, indicating a growing interest in BluSmart’s vision and operations.
The joint statement outlined that BluSmart has surpassed a $50 million annual revenue run rate and is experiencing remarkable year-on-year growth, exceeding 100%. The investment from responsAbility is expected to enhance BluSmart’s capabilities and accelerate its initiatives in the rapidly evolving EV market.
BluSmart claims to operate Southeast Asia’s largest vertically-integrated EV ecosystem, boasting over 4,000 EV chargers distributed across 35 locations in Delhi-NCR and Bangalore. Additionally, the company operates a fleet of approximately 6,000 EVs as part of its ride-hailing business. The strategic investment from responsAbility aligns with BluSmart’s ambitious plans for expansion, aligning with the broader global push toward sustainable and eco-friendly transportation solutions.
This investment is significant not only for BluSmart’s growth trajectory but also for the broader goal of promoting clean energy and reducing carbon footprints in the transportation sector. As EV adoption gains momentum globally, strategic investments in companies like BluSmart play a crucial role in accelerating the transition to sustainable mobility solutions.
The joint efforts of BluSmart and responsAbility are poised to contribute to the evolution of India’s EV landscape, fostering innovation, expanding charging infrastructure, and driving positive environmental outcomes. The funding infusion is expected to position BluSmart as a key player in the sustainable transportation sector, setting the stage for further advancements in the EV industry in India.
