Switzerland-based asset manager responsAbility Investments AG will invest up to $25 million (around Rs 208 crore) in BluSmart, a domestic electric vehicle ride-hailing and charging infrastructure platform.
A joint statement on Monday said the investment will help BluSmart in expanding its EV (Electric Vehicle) charging infrastructure across the country.
Last month, the platform secured $24 million in equity round in addition to raising long term and sustainable EV asset funds worth $200 million, backed by leading development financial institutions.
"As part of its broader $500 million climate investment strategy, responsAbility on behalf of its investors will invest up to $25 million in BluSmart," the joint statement said.
This is a significant step towards responsAbility's mission to mobilise capital and invest in solutions that generate positive societal and environmental impact in emerging markets, it said.
According to the joint statement, BluSmart crossed $50 million in annual revenue run rate and is growing at more than 100 per cent year-on-year.
"With responsAbility's investment and support, we will continue our mission to rapidly expand our 100 per cent EV ride-hailing service and build large EV charging infrastructure for a better, cleaner, and more sustainable future," Anmol Singh Jaggi, co-founder of BluSmart, said.
BluSmart claims to operate Southeast Asia's largest vertically integrated EV ecosystem with over 4,000 EV chargers across its 35 charging locations in Delhi-NCR and Bangalore. Besides, it has around 6,000 EVs as part of its ride-hailing business.
In April of the last year, Gurugram-based BlueSmart secured $42 million in a funding round. The company aims to increase its fleet size to 10,000 in the fiscal year 2024, up from the approximately 3,500 vehicles it had in May.
However, in the financial year 2021-22 (FY22), the start-up's consolidated net loss expanded by 66 per cent year-on-year (YoY) to Rs 65.5 crore, primarily due to a significant rise in expenses. BluSmart's net loss was Rs 39.4 crore in FY21, as per a report by INC42.