Switzerland-headquartered impact investor responsAbility will invest up to $25 million (Rs 207 crore) in electric mobility startup BluSmart.
The investment comes as a part of responsAbility’s $500 million climate investment strategy to actively reduce carbon emissions in Asia. responsAbility is a part of UK-based investment and savings company M&G Plc.
Gurugram-headquartered BluSmart plans to use the fresh capital to build large-scale EV charging superhubs, as it expands its charging infrastructure and ride hailing network.
“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,” said Sameer Tirkar, Principal APAC for Climate Finance at responsAbility.
“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,” he added.
The latest capital infusion comes about a month after BluSmart said it raised $24 million (Rs 200 crore) in a fresh funding round, which saw participation with an over-subscription from existing investors, founders and the leadership team. Some of its existing backers include BP Ventures, Global Founders Capital, Inflection Point Ventures and LetsVenture.
Previously, BluSmart secured long-term and sustainable EV asset financing of over $200 million (Rs 1,660 crore) backed by development financial institutions such as Power Finance Corp and the Indian Renewable Energy Development Agency.
Founded in 2019 by Anmol Singh Jaggi, Punit K Goyal and Puneet Singh Jaggi, the company says it has crossed $50 million in annual revenue run-rate and is growing at more than 100% year-on-year.
Currently, BluSmart operates 6,000 BluSmart EVs. It is targeting to scale its fleet size to nearly 8,000 EVs this year. It also owns and operates 4,000 EV chargers across its 35 EV charging locations in Delhi NCR and Bengaluru.
