Switzerland-based responsAbility to invest up to $25 million in BluSmart

The announcement said that the investment will help BluSmart expand its EV charging infrastructure across the country

Domestic electric vehicle ride-hailing and charging infrastructure platform BluSmart announced on Monday that Switzerland-based responsAbility Investments AG will invest up to $25 million (Rs 208 crore) in the company.

In a statement, the company said that the investment will help BluSmart expand its EV charging infrastructure across the country. Last month, it had secured $24 million in an equity round. It also raised long-term and sustainable EV asset financing of $200 million, backed by leading development financial institutions.

The statement said, "As part of its broader $500 million climate investment strategy, responsAbility on behalf of its investors will invest up to $25 million in BluSmart."

"Backed by some of the largest energy infrastructure, energy transition and climate-focused funds, this new round marks a significant milestone in BluSmart's journey in leading India's transition to a zero-emissions mobility future," said Anmol Singh Jaggi, co-founder of BluSmart.

According to the joint statement, BluSmart crossed $50 million in annual revenue run rate and is growing at more than 100 per cent annually.

"With responsAbility's investment and support, we will continue our mission to rapidly expand our 100 per cent EV ride-hailing service and build large EV charging infrastructure for a better, cleaner and more sustainable future," Jaggi added.

BluSmart claims to operate Southeast Asia's largest vertically integrated EV ecosystem with over 4,000 EV chargers across its 35 charging locations in Delhi-NCR and Bangalore. Also, it has around 6,000 EVs as part of its ride-hailing business.