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					</table><p>Switzerland-based <a href="https://www.responsability.com/" target="_blank" rel="noopener">responsAbility</a>, an impact-investment firm with over $4.7 billion in assets under management, said it would invest up to $25 million in <a href="https://blu-smart.com/" target="_blank" rel="noopener">BluSmart</a>, an electric vehicle (EV) ride-hailing service in India.</p>
<p>The investment, part of responsAbility’s broader $500 million climate strategy aimed at reducing carbon emissions in Asia through investments in low-emission technologies, will help BluSmart expand its EV charging infrastructure to enable large-scale adoption of electric mobility.</p>
<p>BluSmart owns and operates 4,000 EV chargers across 35 locations in Delhi and Bengaluru. It also operates 6,000 EVs in India.</p>
<p>Sameer Tirkar, Principal APAC for Climate Finance at responsAbility, said BluSmart&#8217;s role in reducing transport emissions aligns with its mission to invest in sustainable businesses that create positive environmental impact.</p>
<p>&#8220;The BluSmart team has built a commendable EV ride-hailing and charging business in India and is building world-class electric charging infrastructure, which is key to rapid EV adoption in India,&#8221; he added.</p>
<p>Founded in 2003, responsAbility has invested over $14.2 billion since its inception. The fund invests in climate finance, financial inclusion, and sustainable food.</p>
<p>Last year, responsAbility helped <a href="https://www.mercomindia.com/norfund-ifc-investment-fourth-partner" target="_blank" rel="noopener">facilitate</a> <a href="https://www.norfund.no/" target="_blank" rel="noopener">Norfund</a>’s investment of ₹3.5 billion (~$42.26 million) in <a href="https://www.fourthpartner.co/" target="_blank" rel="noopener">Fourth Partner Energy</a> to support its renewables expansion in India, such as off-site solar and wind projects under development in Tamil Nadu, Karnataka, Maharashtra, and Uttar Pradesh.</p>
<p>In 2022, the BluSmart <a href="https://www.mercomindia.com/blusmart-raises-25-million-to-expand-its-electric-vehicles" target="_blank" rel="noopener">raised</a> $25 million to expand its EV fleet. bp ventures and Green Frontier Capital led the funding.</p>
<p>Electric vehicle sales in India <a href="https://www.mercomindia.com/electric-vehicle-sales-2023" target="_blank" rel="noopener">touched</a> an all-time high of 1.53 million units in 2023, a jump of 50% over the million units sold in 2022. EVs accounted for 6.4% of all vehicle sales during the year, according to data from the Ministry of Road Transport and Highways’ Vahan dashboard. India now has over 3.45 million registered EVs.</p>


responsAbility Injects $25 Million in BluSmart to Expand EV Charging Network

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