responsAbility Invests $25 Million in BluSmart's EV Expansion

Mumbai, Jan 29 (PTI) Switzerland-based asset manager responsAbility Investments AG will invest up to USD 25 million (around Rs 208 crore) in BluSmart, a domestic electric vehicle ride hailing and charging infrastructure platform.

A joint statement on Monday said the investment will help BluSmart in expanding its EV (Electric Vehicle) charging infrastructure across the country.

Last month, the platform secured USD 24 million in equity round in addition to raising long term and sustainable EV asset funds worth USD 200 million, backed by leading development financial institutions.

"As part of its broader USD 500 million climate investment strategy, responsAbility on behalf of its investors will invest up to USD 25 million in BluSmart," the joint statement said.

This is a significant step towards responsAbility's mission to mobilise capital and invest in solutions that generate positive societal and environmental impact in emerging markets, it said.

According to the joint statement, BluSmart crossed USD 50 million in annual revenue run rate and is growing at more than 100 per cent per cent year-on-year.

"With responsAbility's investment and support, we will continue our mission to rapidly expand our 100 per cent EV ride-hailing service and building large EV charging infrastructure for a better, cleaner and a more sustainable future," Anmol Singh Jaggi, Co-founder of BluSmart, said.

BluSmart claims to operate Southeast Asia's largest vertically-integrated EV ecosystem with over 4,000 EV chargers across its 35 charging locations in Delhi-NCR and Bangalore. Besides, it has around 6,000 EVs as part of its ride-hailing business.