As part of its USD 500 million climate investment strategy in Asia, responsAbility Investments AG is set to invest up to USD 25 million in BluSmart, India’s leading EV ride-hailing service and EV charging infrastructure network. The investment will aid BluSmart’s nationwide expansion of EV charging infrastructure, contributing to responsAbility’s mission of mobilizing capital for positive societal and environmental impact in emerging markets.
BluSmart, headquartered in India, operates the largest vertically integrated EV ecosystem in Southeast Asia, boasting 6,000 electric vehicles and 4,000 EV chargers. With a focus on decarbonizing mobility, the investment follows BluSmart’s recent achievements, including a USD 24 million equity round and securing USD 200 million in sustainable EV asset financing from leading development financial institutions.
Anmol Singh Jaggi, Co-Founder of BluSmart, expressed the company’s commitment to India’s EV mission and emphasized that the investment and support from responsAbility will accelerate their efforts in scaling the iconic 100% EV ride-hailing service and building large EV charging infrastructure.
Sameer Tirkar, Principal APAC for Climate Finance at responsAbility, highlighted BluSmart’s pioneering role in reducing carbon emissions in urban transport, aligning with responsAbility’s dedication to investing in sustainable businesses creating positive environmental and social impact. This investment reinforces responsAbility’s commitment to climate action in Asia, as demonstrated by its USD 500 million climate investment strategy launched in collaboration with KfW and FMO.
The funds will be utilized to build large-scale EV charging superhubs, furthering BluSmart’s vision for a cleaner and more sustainable future in India’s mobility landscape.
