BluSmart Raises USD 24 Mn to Expand EV Operations in India

BluSmart, the electric vehicle (EV) service provider in India and South Asia, has announced that it has secured USD 24 million (approximately Rs. 200 crore) to further its EV business in India. This investment will come from Zurich-based responsAbility Investments AG, ReNew Power and other investors.

Mr. Punit Goyal, Co-founder of BluSmart, mentioned that the company will be using this capital to develop significant EV charging infrastructure and expand its presence in urban centers across India.

Commenting on this development, Mr. Sameer Tirkar, Head of Climate Infrastructure Investments APAC at responsAbility Investments AG, said “BluSmart has been able to lead the way in building from the grounds up an entire EV ecosystem to disrupt the conventional modes of commute without compromising on reliability and convenience”.

BluSmart had reported a turnover of over Rs. 390 crore in FY-24, which is over twice as much of its Rs. 160 crore revenue for FY-23.