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.
