BP Ventures has begun its first direct financing in India by drawing in $13 million in combined EV ride-hailing and charging firm BluSmart. The firm said that it led a $25 million Series A round that also saw support from Mayfield India Fund, 9Unicorns and Survam Partners, alongside other existing investors.
“BluSmart will use the capital to expand its fleet of electric vehicles and charging stations from its home city of Delhi to five additional Indian cities in the next two years,” it stated.
The report, however, did not tell the funding will render into how much equity holding in BluSmart.
Sophia Nadur, managing partner at BP Ventures, will enter BluSmart’s board.
To date, BP Ventures has funded nearly $800 million in more than 60 firms over seven geographies.
BP Ventures was set up more than ten years ago to recognize and invest in private, high growth, game-changing technology corporations, expediting innovation across the whole energy spectrum.
“The investment will help BP shift towards becoming a leader in India’s mobility market and to provide integrated energy and mobility solutions to help customers reduce their emissions across the world,” it answered.
BluSmart is India’s first and largest integrated EV ride-hailing and charging firm and aims to deliver safer, cleaner and more sustainable mobility. It is the first service of its kind with no surge pricing or drives denied by drivers.
Safety and sanitation are eminent in the Indian market, and buyers can see the last time each car was sanitized and driver vaccination status through the BluSmart app.
The organization also removes the economic burden of vehicle ownership by renting vehicles to drivers and oversees all vehicle maintenance to help lessen driver stress.
India is presently the third-largest startup market worldwide, and its GDP is forecasted to be the world’s third-largest by 2030. Yet with 35 of the top 50 most polluted cities globally, there’s a massive need for low carbon technologies to help create that growth compatible with its environmental ambitions.