responsAbility has announced that it will invest up to $25 million in BluSmart. In a press release, responsAbility said this investment will bolster BluSmart’s position as India’s premier EV ride-hailing service and EV charging infrastructure network. The capital injection is earmarked to facilitate the expansion of BluSmart’s EV charging infrastructure throughout India.

Headquartered in India, BluSmart currently operates Southeast Asia’s largest vertically integrated EV ecosystem. Propelled by its born-electric technology stack, the company manages a fleet of 6,000 BluSmart EVs, offering a 100% electric ride-hailing service. It has completed over 11 million all-electric trips, covering an impressive 360 million all-electric kilometres.

Additionally, BluSmart owns and operates 4,000 EV chargers across 35 locations spanning 1.4 million sqft in Delhi NCR and Bengaluru. The company has achieved an annual revenue run rate surpassing $50 million and is experiencing a growth rate exceeding 100% year-on-year.

BluSmart said the funds from responsAbility will be deployed to establish large-scale EV charging superhubs, thereby facilitating the expansion of its electric ride-hailing service. This investment follows BluSmart’s recent $24 million equity round, disclosed in December 2023, and aligns with securing long-term and sustainable EV asset financing totalling $200 million.

Anmol Singh Jaggi, Co-Founder of BluSmart, said, “BluSmart has been at the forefront of leading India’s EV mission. 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 for a better, cleaner, and more sustainable future.”

Sameer Tirkar, Principal APAC for Climate Finance at responsAbility, emphasised the alignment between BluSmart’s pioneering role in reducing carbon emissions in urban transportation and responsAbility’s mission. Tirkar noted, “We are dedicated to supporting these climate-focused growth companies that actively reduce CO2 emissions in Asia through targeted investments in low-emission technologies.”