BluSmart completes EV asset financing for $100 million
-MUSKAN
As part of the latest investment round, a pension and a climate fund will jointly invest $200 million in BluSmart, adding their names to the startup’s list of investors.
BluSmart, a fully electric vehicle (EV) ride-hailing service based in India, is in advanced discussions to secure $250 million in funding. The company recently closed $100 million in EV asset financing, a move that would help it expand its products and increase its market share within the EV ride-hailing industry. When you consider that BluSmart’s EV ride-hailing service will launch in 2020, it has expanded significantly. According to BluSmart’s co-founder Anmol Jaggi, the company is in advanced discussions to raise $250 million in its most recent Series B investment, with $50 million coming from current investors and founders and the other $200 million coming from a sizable climate fund and a pension fund.
In recent years, electric vehicles (EVs) have grown in popularity in India as a result of significant infrastructure and incentive investments made by both the public and commercial sectors.
The EV market in India has expanded as a result of a number of causes, including:
- Government assistance- The Indian government has put in place a variety of laws and incentives to promote the use of EVs, including tax reductions and funding for charging stations and EVs.
- Growing public awareness-As more people learn about the financial and environmental advantages of EVs, demand for these vehicles has grown.
- Improved technology- EVs are now more feasible and easier for usage on a daily basis because to improvements in battery technology and charging infrastructure.
- Increased competition- Competition has grown as more businesses have entered the market, which has prompted the creation of more dependable and inexpensive electric vehicles.
In India, the EV industry is expanding significantly overall and is anticipated to do so in the years to come. Anmol Jaggi, co-founder and CEO of BluSmart, claimed that EV superhubs are the future of EV charging since they give customers and ride-hailing fleets easy access to charging. The agreements with impact funds and private equity investors will be completed, he says, within the next two months.
Keywords- BluSmart, EV, Finance, Anmol Jaggi , Car, Market, Investment , Stakeholders, EV India