BluSmart Raises $25Mn from Swiss-Based ResponsAbility for EV Charging Infrastructure Expansion

BluSmart Mobility, an EV ride-hailing service and charging hub infrastructure operator, has secured a $25 million funding round from Switzerland-based ResponsAbility. This investment will enable BluSmart to expand its EV charging infrastructure across India, as announced in a press release.

BluSmart has seen phenomenal growth in recent times, with its scale jumping 222% to Rs 29 crore in FY22. The company currently operates 6,000 EVs and claims to have completed over 11 million all-electric trips. It also owns and operates 4,000 EV chargers across its 35 EV charging locations spread across 1.4 million sq. feet in Delhi NCR and Bengaluru.

Excited about the investment, Mahin Gupta, co-founder of BluSmart, said, “We are thrilled to have ResponsAbility on board as our investors. This funding will help us accelerate our expansion plans and create a comprehensive EV charging infrastructure across India.”

BluSmart’s growth has been impressive, with its revenue running rate crossing $50 million (more than Rs 400 crore) and growing at more than 100% year-on-year. The company aims to continue this growth trajectory by expanding its charging infrastructure and promoting the adoption of electric vehicles in India.

According to a statement by ResponsAbility, the investment in BluSmart aligns with its focus on supporting innovative and sustainable mobility solutions. “We believe that BluSmart is well-positioned to play a key role in shaping the transition to electric mobility in India, and we are delighted to support the company’s growth and expansion plans,” said Shrenik Sharma, Investment Manager at ResponsAbility.

This investment is a testament to BluSmart’s innovative approach to EV charging infrastructure and its potential to revolutionize the Indian energy landscape. As the demand for electric vehicles continues to grow, BluSmart is well-positioned to become a leader in the industry.

In related news, BluSmart has also introduced a new pricing (rush hour pricing) structure for different times of the day. The structure consists of two tiers – rush hours and relaxed hours – which came into effect from January 8, 2024.

So, there you have it – BluSmart raises $25Mn from Swiss-based ResponsAbility to expand its EV charging infrastructure across India. As the demand for electric vehicles continues to grow, BluSmart is well-positioned to become a leader in the industry. Stay tuned for more updates on this exciting journey!