BluSmart Mobility Receives Funding: The Indian Renewable Energy Development Agency Ltd. (IREDA), India’s largest lender in the renewable energy sector, has approved a loan of Rs. 267.67 crores to BluSmart Mobility for the purchase of 3,000 all-electric cars in the Delhi-NCR region.
BluSmart Mobility will use the new funds to purchase 3,000 all-electric vehicles, allowing the company to expand its EV fleet. IREDA has disbursed the first tranche of Rs. 35.70 crores from the sanctioned loan of Rs. 267.67 crores to the company.
Shri Pradip Kumar Das, CMD, IREDA, said of the collaboration, “Electric mobility, according to IREDA, has huge growth potential in India. BluSmart has been providing services in India’s national capital region, and we applaud the efforts of their team. This is our first significant investment in this area, and it is aimed at making India a cleaner, greener country. IREDA is looking forward to funding more EV projects in order to accelerate the country’s transition to clean energy sources. This is part of the company’s effort to help the National Capital Region reduce emissions.”
About IREDA
India’s leading financial institution dedicated to clean energy expansion is the Indian Renewable Energy Development Agency Ltd (IREDA), a Mini Ratna (Category– I) Government of India Enterprise under the administrative control of the Ministry of New and Renewable Energy. IREDA has financed the largest share of renewable energy projects in India since its inception in 1987. IREDA has approved loans for renewable energy and energy efficiency projects totaling Rs. 1,20,522 crores (approx. ), disbursed Rs. 77,946 crores (approx. ), and supported more than 19,453 MW of RE capacity in the country until March 31st, 2022.
ABout BluSmart
BluSmart (a start-up) is working to accelerate India’s transition to zero-emission mobility by improving the quality of life for driver-partners while continuing to provide customers with dependable ride-hailing services. BluSmart Mobility has completed over 1 million all-electric trips across Delhi NCR, covering over 35 million clean kilometers with over 350,000 app downloads.