responsAbility Invests $25M in BluSmart to Enhance India’s EV Ecosystem

responsAbility, a significant player in climate investment, has announced an investment of up to USD 25 million in BluSmart, India’s prominent EV ride-hailing service and EV charging network. This move is part of a larger USD 500 million climate investment strategy by responsAbility to decrease CO2 emissions in Asia. The investment will facilitate BluSmart’s expansion of its EV charging infrastructure across India, reflecting responsAbility’s commitment to fostering positive societal and environmental impact in emerging markets.

Key Highlights:

• responsAbility invests up to $25 million in BluSmart as part of a $500 million climate investment strategy.
• BluSmart, headquartered in India, is Southeast Asia’s largest integrated EV ecosystem.
• The investment will boost BluSmart’s expansion of EV charging infrastructure and electric ride-hailing services in India.
• BluSmart has made significant strides in eMobility, owning 4,000 EV chargers and achieving a $50 million annual revenue run-rate.
• The company is committed to “decarbonizing mobility at scale” and has saved approximately 26,000 metric tons of CO2 to date.

BluSmart’s operations in Southeast Asia represent the largest vertically integrated EV ecosystem in the region. The company’s indigenous technology stack operates 6,000 EVs, offering a 100% electric ride-hailing service. To date, BluSmart has completed over 11 million all-electric trips, covering 360 million all-electric kilometers, and has been instrumental in reducing CO2 emissions. The firm also manages 4,000 EV chargers across 35 locations in major cities like Delhi NCR and Bangalore, demonstrating notable growth with a more than 100% year-on-year increase.

Anmol Singh Jaggi, Co-Founder of BluSmart, commented on the investment, emphasizing the company’s commitment to expanding its EV ride-hailing service and building substantial EV charging infrastructure. He acknowledged the support from responsAbility and other energy-focused funds in pursuing BluSmart’s goal of a zero-emissions mobility future.

Sameer Tirkar, Principal APAC for Climate Finance at responsAbility, highlighted BluSmart’s significant role in reducing urban transportation carbon emissions. He underscored responsAbility’s focus on investing in sustainable businesses that contribute positively to the environment and society. Tirkar praised BluSmart’s achievements in building an EV ride-hailing and charging infrastructure, which are crucial for the rapid adoption of EVs in India.

This latest investment in BluSmart aligns with responsAbility’s broader commitment to climate action in Asia. 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 focused on reducing CO2 emissions through investments in low-emission technologies.