BluSmart, an EV ride-hailing startup competing with Ola and Uber, secures $25 million in funding from Swiss-based firm ResponsAbility.
BluSmart’s Mission:
- BluSmart’s co-founder, Anmol Singh Jaggi, emphasizes the commitment to “decarbonize mobility at scale” with ResponsAbility’s investment.
- The funding will contribute to BluSmart’s mission of rapidly expanding its 100% EV ride-hailing service and building a large EV charging infrastructure for a sustainable future.
BluSmart’s Growth:
- Largest Integrated EV Ecosystem: BluSmart operates Southeast Asia’s largest integrated EV ecosystem, claiming 6,000 EVs and over 11 million all-electric trips.
- Charging Infrastructure: The startup owns 4,000 EV chargers across 35 locations in Delhi NCR and Bengaluru.
- Financial Performance: BluSmart reports an annual revenue run rate exceeding $50 million and a year-on-year growth rate of over 100%.
- Tariff Structure Tweaks: The company is adjusting its tariff structures to improve unit economics, introducing different rates for ‘rush hours’ and ‘relaxed hours.’
Funding Details:
- Composition: The funding includes $20 million in debt and $5 million in equity.
- Total Raised: BluSmart has raised nearly $160 million to date, with previous rounds including a $24 million equity round in December 2023 and $42 million in May of the previous year.
- Long-Term Asset Financing: BluSmart secured $200 million in long-term EV asset financing from leading Development Financial Institutions (DFIs).
Reducing Carbon Emissions:
- ResponsAbility emphasizes BluSmart’s role in reducing carbon emissions in urban transportation.
- The funding aligns with ResponsAbility’s commitment to supporting climate-focused growth companies actively reducing CO2 emissions through investments in low-emission technologies.
Quote – Sameer Tirkar, ResponsAbility:
- Sameer Tirkar, Principal APAC for Climate Finance at ResponsAbility, commends BluSmart’s EV ride-hailing and charging infrastructure business, calling it key to rapid EV penetration in India.
ResponsAbility’s Climate Investment Strategy:
- ResponsAbility partnered with Germany’s development bank KfW and the Dutch development bank FMO to launch a $500 million climate investment strategy focused on reducing CO2 emissions in Asia.