Climate Insider Brief:
- Zurich-based impact investor, responsAbility Investments, commits $25 million to BluSmart, an Indian EV ride-hailing startup, to support the expansion of its charging infrastructure as part of a broader strategy to fund initiatives reducing CO2 emissions in Asia.
- In alignment with responsAbility’s focus on sustainable businesses with positive environmental impact, the investment reinforces BluSmart’s dedication to large-scale investments in real EV assets and infrastructure.
- The loan will strengthen BluSmart’s financial position to expand its fleet of electric cars, emphasising the company’s commitment to sustainable mobility and reducing carbon emissions on a significant scale.
PRESS RELEASE – January 29, 2024 – Zurich-based impact-focused investor responAbility Investments will invest $25 million in EV ride-hailing startup BluSmart to help it expand its charging infrastructure across India. This investment is part of responsAbility’s broader strategy to fund initiatives that help reduce CO2 emissions and create low-emission technologies in Asia. In November last year, the impact asset manager announced a partnership with German development bank KfW and Dutch development bank FMO to set up a $500-million climate investment strategy. “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.
Last month, BluSmart raised $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 deferred its $250-million Series B round, which it had exclusively shared with YourStory last January, amid a system-wide funding crunch, and bought back the stake of Mayfield India, an early backer, in May. 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.
The company has also raised $200 million in loans from development financial institutions to expand its fleet of EV cars.
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SOURCE: yourstory
Featured Image: Credit: BluSmart
