BP invests about Rs 97 crore in BluSmart, its first fund in India

London-based bp has made its first direct investment in India, investing $13 million (about Rs 97 crore) in integrated EV ride-hailing and charging company BluSmart. The investment arm of bp ventures led a $25-million Series A funding that also saw support from Mayfield India Fund, 9Unicorns and Survam Partners, alongside other existing investors.

 

Sophia Nadur, managing partner at bp ventures, will join BluSmart’s board. To date, bp Ventures has invested almost $800 million in more than 60 firms across seven geographies.

 

BluSmart will use the capital to expand its fleet of electric vehicles (EVs) and charging stations from its home city of Delhi to five additional Indian cities in the next two years. The investment will help bp move towards becoming a leader in India’s mobility market, and provide integrated energy and mobility solutions to help customers reduce their emissions across the world, the global major said in a statement.

 

BP Ventures is both investor and end-user of the technologies in which it invests. The idea is to get both strategic value and not just financial value to the bp group.“Our partnership is underpinned by shared values; caring for customers, colleagues and the environment, and with safety at the core of everything we do,” said Richard Bartlett, senior vice-president, future mobility & solutions, bp.

 

The joint statement said India was the third-largest start-up market globally and its GDP was projected to be the world’s third largest by 2030.