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ResponAbility Investments invests $25 million in BluSmart to expand EV charging infrastructure in India

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Respected impact-focused Responsible Investor Investments, based in Zurich, has announced a major investment of USD 25 million in BluSmart, India’s leading EV start-up. This strategic move aims to facilitate BluSmart’s extensive expansion of its charging infrastructure across the country. The investment is in line with ResponsAbility’s overarching strategy to finance initiatives that contribute to the reduction of CO2 emissions and the development of low-emission technologies in Asia.

The investment follows ResponsAbility’s recent collaboration with German development bank KfW and Dutch development bank FMO to create a $500 million climate investment strategy that highlights its commitment to promoting positive environmental and social impacts.

Sameer Tirkar, Lead Investor, APAC, Climate Finance at ResponsAbility, expressed the synergy between BluSmart’s environmental goals and ResponsAbility’s mission, saying, “BluSmart’s pioneering role in reducing carbon emissions in urban transport is perfectly aligned with the mission of ResponsAbility to invest in sustainable businesses that drive positive environmental and social impact.»

BluSmart, which raised $24 million in a recent equity funding round, plans to use ResponsAbility’s investment to expand its charging superhubs and expand its fleet of electric vehicles. The Gurugram-based startup currently operates 6,000 EV cabs and 4,000 EV chargers in Delhi-NCR and Bengaluru.

Highlighting the company’s commitment to decarbonising mobility at scale, Anmol Singh Jaggi, Co-Founder of BluSmart, said: “Since inception, we have invested heavily in real EV assets and EV infrastructure with a unique focus on decarbonising mobility at scale. With ResponsAbility’s investment and support, we will continue our mission to rapidly expand our iconic 100% EV service and build a large EV charging infrastructure.

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In addition to equity financing, BluSmart has also secured $200 million in loans from development finance institutions to further expand its fleet of electric vehicles. The responsible investment drives BluSmart’s accelerated growth and strengthens its position as a key player in sustainable and green mobility in India.

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