responsAbility Investments AG to invest up to US$ 25 million in BluSmart
#BluSmart #EV #Charginginfra“BluSmart has been at the forefront of India’s EV mission. Since inception, we have made large-scale investments in real EV assets and EV infrastructure with a singular focus on decarbonizing mobility at scale. With responsAbility’s investment and support, we will continue our mission to rapidly scale our iconic 100 percent EV ride-hailing service and build large EV charging infrastructure for a better, cleaner and a more sustainable future. Backed by some of the largest funds focused on energy infrastructure, energy transition and climate change, this new round marks a significant milestone in BluSmart’s journey to lead India’s transition to a zero-emissions mobility future.”- Anmol Singh Jaggi, Co-Founder of BluSmart
Jan 2024 : responsAbility Investments AG, a leading impact asset manager specializing in private market investments, to invest up to US$ 25 million on behalf of its investors in BluSmart. This is a part of its broader US$ 500 million climate investment strategy aimed at actively reducing carbon dioxide emissions in Asia.
BluSmart is India’s leading EV ride-hailing service and EV charging infrastructure network. The investment will help BluSmart expand its EV charging infrastructure across India. BluSmart is building an integrated energy infrastructure, mobility and technology business to decarbonize mobility at scale, and these funds will be deployed to build large-scale EV charging superhubs to enable the expansion of its electric ride-hailing service.
The investment follows BluSmart’s US$ 24 million equity round, which was announced in December 2023. BluSmart has also secured US$ 200 million in long-term, sustainable EV asset financing from leading Development Financial Institutions (DFIs).
Anmol Singh Jaggi, Co-Founder of BluSmart, said, “BluSmart has been at the forefront of India’s EV mission. Since inception, we have made large-scale investments in real EV assets and EV infrastructure with a singular focus on decarbonizing mobility at scale. With responsAbility’s investment and support, we will continue our mission to rapidly scale our iconic 100 percent EV ride-hailing service and build large EV charging infrastructure for a better, cleaner and a more sustainable future. Backed by some of the largest funds focused on energy infrastructure, energy transition and climate change, this new round marks a significant milestone in BluSmart’s journey to lead India’s transition to a zero-emissions mobility future.”
Sameer Tirkar, Principal APAC for Climate Finance at responsAbility said: “BluSmart's pioneering role in reducing carbon emissions in urban transport aligns perfectly with responsAbility's mission to invest in sustainable businesses that create positive environmental and social impact. We are dedicated to supporting these climate-focused growth companies that are actively reducing carbon dioxide emissions in Asia through targeted investments in low-emission technologies. The BluSmart team has built a commendable EV ride-hailing and EV charging infrastructure business in India and is building world-class electric charging infrastructure, which is key to the rapid adoption of EV penetration in India.”
This investment in BluSmart is in line with responsAbility's ongoing dedication to climate action in Asia. In collaboration with Germany's development bank KfW and the Dutch development bank FMO, responsAbility launched a US$ 500 million climate investment strategy. This strategy, which aims to actively reduce carbon dioxide emissions in Asia, focuses on investments in low-emission technologies.
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