Electric vehicle (EV) ride-hailing platform BluSmart said that it raised $25 million from Zurich-based climate finance firm ResponsAbility and will use the money to expand its EV charging infrastructure, according to ETtech report.
The funding comprises 20 million in debt and $5 million of equity, BluSmart’s cofounder and chief executive Anmol Singh Jaggi said.
“We have made large-scale investments in real EV assets and EV infrastructure since inception…,” Jaggi said. With ResponsAbility’s investment and support, the company will continue to rapidly expand its 100% EV ride-hailing service and EV charging infrastructure, he added.
BluSmart is increasingly facing competition from larger players such as Uber and Ola in the EV ride-hailing space. While BluSmart has its operations only in the NCR and Bengaluru, its rivals are present in far more cities.
HrNxt.com Newsdesk has researchers and writers with an excellent domain knowledge about the talent ecosystem, and the business environment. The team keeps a tab on the latest happenings in the ecosystem to bring most relevant news and insights for our readers. You can connect with our newsdesk at newsdesk@hrnxt.com.