BluSmart Mobility gets over 267 crores loan to purchase 3000 electric cars

In a bid to promote electric vehicles in the Delhi-NCR region, the Indian Renewable Energy Development Agency Ltd. (IREDA), the largest lender in the renewable energy sector in India, sanctioned a loan of Rs. 267.67 crores to BluSmart Mobility for the purchase of 3,000 all-electric cars.

BluSmart Mobility will use the fresh capital to purchase 3,000 all-electric cars, leading to an expansion of its EV fleet.

From the sanctioned loan of Rs. 267.67 crores, the first tranche of Rs. 35.70 has been disbursed by IREDA to the company, said the official statement.

Speaking on the collaboration, Pradip Kumar Das, CMD, IREDA, said, “We at IREDA believe that electric mobility has huge growth potential in India.” BluSmart has been providing its services in the national capital region of India, and we support their team behind this good work. “

This is our first major investment in this space and towards making India a cleaner and greener country. IREDA is looking forward to financing more EV projects to speed up the progress of moving transportation to clean sources in the country. This is part of the company’s endeavour to help reduce emissions in the National Capital Region, “he added.

IREDA has over the years sanctioned loans to projects in the renewable energy and energy efficiency sectors aggregating Rs. 1,20,522 crores, disbursed Rs. 77,946 crores and supported more than 19,453 MW of renewable energy capacity in the country till March 31st, 2022.

BluSmart (a start-up) is working to accelerate India’s path to zero-emission mobility, improve the quality of lives of the driver-partners, and continue to provide reliable ride-hailing service to customers.

BluSmart Mobility has completed over 1 million all-electric trips, covering over 35 million clean kilometres with over 350,000 app downloads across Delhi-NCR.