Power Finance Corporation (PFC), a state-owned non-banking financial company in India, has approved a loan of INR 633 crores (approximately $84 million) for the deployment of electric vehicles (EVs) by BluSmart, an Indian EV ride-hailing company. The loan will help BluSmart to deploy 5,000 electric cars and chargers across multiple cities in India, including Delhi, Mumbai, Pune, Hyderabad, and Bengaluru, by 2025.
BluSmart plans to use the funds to set up an integrated electric mobility infrastructure, including charging infrastructure and battery swapping stations. It also plans to expand its operations in existing cities and enter new cities across India. The funding comes as part of the Indian government’s push towards the adoption of electric vehicles and reducing carbon emissions in the transportation sector. With the deployment of 5,000 EVs, BluSmart aims to reduce over 25,000 tonnes of carbon emissions per year. BluSmart had earlier raised $7 million in a pre-Series A funding round led by Inflection Point Ventures and JITO Angel Network, among others. The company currently operates a fleet of 400 electric cars in Delhi-NCR, Mumbai, Pune, and Hyderabad, and claims to have completed over 1 million zero-emission rides so far. Power Finance Corporation (PFC), a state-owned non-banking financial company, has approved a loan of INR 633 crore ($85 million) to electric ride-hailing startup BluSmart Mobility for the procurement of electric vehicles (EVs). BluSmart plans to use the funds to deploy 5,000 EVs by 2024. The loan will be given to a special purpose vehicle (SPV) formed by BluSmart, which will be responsible for procuring and operating the EVs. This move is aimed at supporting the Indian government’s push towards electric mobility and reducing the carbon footprint in the country. BluSmart is currently operating its EV ride-hailing services in Delhi-NCR and Mumbai, and plans to expand to other cities in the near future.