The loan is to help BluSmart expand its fleet of electric vehicles (Evs) and increase the use of EVs in the Delhi-NCR region.
Of the total loan, the first tranche of ₹35.70 million (~$4.7 million) has been disbursed by IREDA to the company.
BluSmart has completed one million+ all-electric trips, with its cabs completing over 35 million+ clean km with over 350,000+ app downloads across Delhi NCR.
Commenting on the transaction, the Chairman and Managing Director of IREDA, Pradip Kumar Das, said, “BluSmart has been providing its services in the national capital region of India, and we support their team behind this good work. This is our first major investment in this space and towards making India a cleaner and greener country. IREDA is looking forward to financing more EV projects to speed up the progress of moving transportation to clean sources in the country. This is part of the company’s endeavor to help reduce emissions in the National Capital Region.”
BluSmart Mobility introduced an app-based all-electric ride-hailing platform and operates electric cars (sedan cabs) in Delhi. After completing every trip, details of the ride and the carbon emissions saved are directly shared with passengers via email.
The company raised $25 million in Series A funding from multiple investors in October 2021. bp ventures invested $13 million with Mayfield India Fund, 9Unicorns, Survam Partners, and other existing investors participating in the funding round.
In 2020, BluSmart secured ₹510 million (~$6.89 million) in its pre-series A funding round from multiple investors. Inflection Point Ventures (IPV), Survam Partners, Venture Catalysts, Mumbai Angels, Chhatisgarh Investments Limited, JITO Angels, Lets Venture Fund, and Kaplavriksh Fund, participated in the funding round.
Sharing his views with Mercom in an interview last year, Anmol Singh Jaggi, the co-founder at BluSmart, said that the Delhi Government should up the ante of subsidy from the first 1,000 cars to 5,000 cars. The real impact of EVs on the city’s health will only be visible at scale. States like Uttar Pradesh and Haryana should also bring out similar incentives to help the thriving metropolitan population go electric.