responsAbility Announces $25 Million Investment in BluSmart
On behalf of its investors, responsAbility plans to allocate up to USD 25 million towards an investment in BluSmart. This initiative is part of a larger USD 500 million climate investment strategy aimed at actively mitigating CO2 emissions in Asia.
The infusion of funds will support BluSmart in expanding its electric vehicle (EV) charging infrastructure throughout India, marking a significant stride in responsAbility’s commitment to channelling capital into solutions that yield positive societal and environmental impacts within emerging markets.
BluSmart, headquartered in India, presently operates the largest vertically integrated EV ecosystem in Southeast Asia. Leveraging its born-electric technology stack, developed locally, BluSmart manages a fleet of 6,000 EVs dedicated to providing 100% electric ride-hailing services. With over 11 million all-electric trips completed, covering a distance of 360 million all-electric kilometres, BluSmart has contributed to saving approximately 26,000 metric tons of CO2 since its inception.
Furthermore, BluSmart owns and operates 4,000 EV chargers across 35 locations, spanning 1.4 million square feet in densely populated megacities such as Delhi NCR and Bangalore. Demonstrating robust financial performance, BluSmart has surpassed USD 50 million in annual revenue run-rate and is experiencing over 100% year-on-year growth. This strategic investment aligns with responsAbility’s mission to foster positive change and environmental sustainability in emerging markets.
These funds will be used to build large-scale EV charging superhubs, enabling the expansion of BluSmart’s electric ride-hailing service. BluSmart is building an integrated energy infrastructure, mobility, and technology business to “decarbonize mobility at scale.” This investment comes after BluSmart announced its USD 24 million equity round in December 2023. Additionally, BluSmart has secured long-term and sustainable EV asset financing of USD 200 million, backed by leading Development Financial Institutions (DFIs).
“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 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.”Anmol Singh Jaggi, Co-Founder of BluSmart, 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.”Sameer Tirkar, Principal APAC for Climate Finance at responsAbility said.
This investment in BluSmart is consistent with responsAbility’s continued commitment to climate action in Asia, as demonstrated by their announcement on November 28, 2023, that they had launched a USD 500 million climate investment strategy in partnership with the German development bank KfW and the Dutch development bank FMO. The strategy focuses on investments in low-emission technologies and aims to actively reduce CO2 emissions in Asia.