BluSmart has announced that its asset-leasing initiative, Assure by BluSmart has reached a remarkable milestone, surpassing Rs. 100 Crore in book value. Within the first year of launch, the program has grown exponentially, growing 10x times in monthly scale of financing secured with25+ large partners onboard.
The initiative has gained robust support from leading green financing institutions, transport and logistics operators, as well as family offices. On the back of Assure by BluSmart, the EV ride-hailing company has diversified its fleet portfolio to include more premium offerings such as MG ZS SUV vehicles, in addition to Tata Tigor and Citroen eC3.
Under this initiative, the partner can purchase electric cars and lease these cars to BluSmart. These EVs run on the BluSmart platform and serve trips to generate earnings, ensuring fixed monthly rentals for partners. The initiative promises a strong double-digit pre-tax IRR in addition to accelerated depreciation benefit of 40% eligible only on EVs.
Commenting on the milestone, Anmol Jaggi, Co-founder, BluSmart said, “The success of Assure by BluSmart demonstrates the strong appetite for sustainable investment opportunities in India, and the response to the initiative in its first year by our investors has been reassuring. We are confident that Assure by BluSmart will continue to play a vital role in achieving our mission to provide reliable, 100% emission-free transportation across markets.”
With the largest EV fleet in South Asia, comprising over 8,500 EVs, BluSmart has facilitated over 680 million clean kilometers and 21 million rides, reducing CO2 emissions by more than 49,000 tons. BluSmart’s charging network now includes 5,800 stations across 50 hubs in Delhi NCR and Bengaluru, covering over 2 million sq. ft. and supported by 10,000+ active driver partners.