BluSmart’s Backs EV Growth Surge with $25 Mn Funding

EV ride-hailing startup BluSmart has raised $25 Million from Ability Investments to augment its charging infrastructure expansion plans across India. According to investor Ability Investments this investment is part of its strategy to fund initiatives that facilitate reduction of CO2 emissions and create low-emission technologies in Asia.

“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 Investor, APAC, for climate finance at responsAbility.

In December 2023, BluSmart secured $24 million in an equity funding round from existing founders, investors, and the leadership team to primarily scale its charging superhubs and add more cars to its fleet. The company had earlier deferred its $250-million Series B round, amid a system-wide funding crunch, and bought back the stake of Mayfield India, an early backer, in May.

BluSmart to make large scale investments in EV Assets and EV Infra

The Gurugram-based startup currently operates 6,000 EV cabs, and 4,000 EV chargers in Delhi-NCR and Bengaluru. “We have made large-scale investments in real EV assets and EV infrastructure since inception with a singular focus to decarbonise mobility at scale. With responsAbility’s investment and support we will continue our mission to rapidly expand our iconic 100% EV ride-hailing service and build large EV charging infrastructure,” said Anmol Singh Jaggi, Co-founder, BluSmart, in a statement.

In November last year, the asset manager Ability Investments announced a partnership with German development bank KfW and Dutch development bank FMO to set up a $500-million climate investment strategy.

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