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February 1, 2024

responsAbility's Strategic Investment Boosts BluSmart's EV Expansion in India

Swiss impact fund responsAbility is set to pour up to $25 million into BluSmart, India’s premier EV

In a strategic move to accelerate the fight against climate change, Switzerland-based impact fund responsAbility is set to inject up to $25 million into BluSmart, India's premier electric vehicle (EV) ride-hailing service and EV charging infrastructure network, as part of its ambitious $500 million climate investment strategy in Asia.

The battle against climate change sees a significant boost as responsAbility, a leading impact fund, commits a substantial investment in BluSmart, an Indian trailblazer in EV technology. This move not only underscores the growing global interest in sustainable solutions but also signals a monumental step in advancing India's e-mobility agenda.

BluSmart, headquartered in Gurugram, stands at the forefront of India's EV revolution with its expansive fleet of 6,000 electric vehicles and a network of 4,000 EV chargers spread across key cities like Delhi NCR and Bangalore. The company's dedication to decarbonizing mobility at scale has propelled its annual revenue past the $50 million mark, marking a remarkable milestone in its journey.

Founded in 2019, BluSmart's vision extends beyond providing on-demand cab services; it aims to revolutionize urban transport by offering exclusively electric vehicle rides. This approach, coupled with its unwavering commitment to building a robust EV charging infrastructure, aligns seamlessly with India's ambitious goals of fostering a zero-emission mobility future.

Anmol Singh Jaggi, Co-Founder of BluSmart, envisions a future where sustainable mobility is the norm. With responsAbility's backing, BluSmart is poised to scale its EV ride-hailing service and bolster its EV charging infrastructure, driving India towards a cleaner, greener tomorrow.

The partnership between responsAbility and BluSmart epitomizes a shared commitment to combating climate change through sustainable investments. By injecting capital into BluSmart's innovative endeavors, responsAbility not only fuels the growth of a pioneering EV company but also paves the way for a brighter, more sustainable future in India's rapidly evolving mobility landscape.

Neil Hodgson Coyle
Neil Hodgson-Coyle
Editorial chief at TechNews180
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