responsAbility on behalf of its investors plans to invest up to USD 25 million in BluSmart. As part of its broader USD 500 million climate investment strategy aimed at actively reducing CO2 emissions in Asia. This investment will help BluSmart in expanding its EV charging infrastructure across India, signifying a significant step in responsAbility’s mission to mobilize capital and invest in solutions that generate positive societal and environmental impact in emerging markets.
Headquartered in India, BluSmart currently operates Southeast Asia’s largest vertically integrated EV ecosystem. Its born-electric technology stack, built indigenously, operates 6,000 BluSmart EVs (100% electric ride-hailing service) and has completed over 11 million all-electric trips, having covered 360 million all-electric kilometers, saving ~26,000 metric tons of CO2 since inception. BluSmart also owns and operates 4,000 EV chargers across its 35 EV charging locations spread across 1.4 million sq. feet in densely populated megacities of Delhi NCR and Bangalore. BluSmart crossed USD 50 million in annual revenue run-rate and is growing at more than 100% year-on-year.
BluSmart is building an integrated energy infrastructure, mobility & technology business to “decarbonize mobility at scale”, and these funds will be deployed to build large-scale EV charging superhubs, enabling the expansion of its electric ride-hailing service. The investment follows BluSmart’s USD 24 million equity round, which was announced in December 2023. BluSmart has also secured long-term and sustainable EV asset financing of USD 200 million backed by leading Development Financial Institutions (DFIs).
Anmol Singh Jaggi, Co-Founder of BluSmart, said, “BluSmart has been at the forefront of leading India’s EV mission. We have made large-scale investments in real EV assets and EV infrastructure since inception with a singular focus to “decarbonize mobility at scale”. 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. Backed by some of the largest energy infrastructure, energy transition & climate-focused funds, this new round marks a significant milestone in BluSmart’s journey in leading India’s transition to a zero-emissions mobility future.”
Sameer Tirkar, Principal APAC for Climate Finance at responsAbility said, “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. 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.”
This investment in BluSmart aligns with responsAbility’s ongoing dedication to climate action in Asia, as evidenced by their announcement on 28 November 2023. In collaboration with Germany’s development bank KfW and the Dutch development bank FMO, responsAbility launched a USD 500 million climate investment strategy. This strategy, aimed at actively reducing CO2 emissions in Asia, focuses on investments in low-emission technologies.