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Switzerland-based asset manager responsAbility Investments AG is set to invest up to USD 25 million (approximately ₹208 crore) in BluSmart, a domestic electric vehicle (EV) ride-hailing and charging infrastructure platform based in India. The investment, part of responsAbility's broader USD 500 million climate investment strategy, aims to support BluSmart in expanding its EV charging infrastructure across the country.
BluSmart, which recently secured USD 24 million in an equity round and raised sustainable EV asset funds worth USD 200 million, is experiencing robust growth. The platform claims to have crossed a USD 50 million annual revenue run rate and is growing at over 100 per cent year-on-year.
The investment from responsAbility aligns with the asset manager's mission to mobilise capital and invest in solutions that generate positive societal and environmental impact in emerging markets. BluSmart, operating Southeast Asia's largest vertically integrated EV ecosystem, boasts over 4,000 EV chargers across 35 locations in Delhi-NCR and Bangalore. Additionally, the platform's ride-hailing business includes around 6,000 EVs.
Anmol Singh Jaggi, Co-founder of BluSmart, expressed gratitude for responsAbility's investment and support, emphasising the shared commitment to expanding their 100 per cent EV ride-hailing service and building extensive EV charging infrastructure for a cleaner and more sustainable future.
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