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bp ventures has made its first direct investment in India, investing $13 million in EV ride-hailing and charging company BluSmart. BluSmart is India’s first and largest integrated EV ride-hailing and charging company, and aims to deliver safer, cleaner and more sustainable mobility. It is the first service of its kind with no surge pricing or rides rejected by drivers.

bp 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.

bp says the investment will help it move towards becoming a leader in India’s mobility market, and to provide energy and mobility solutions to help customers reduce their emissions across the world.

bp led a $25 million Series A round for BluSmart that also saw support from Mayfield India Fund, 9Unicorns and Survam Partners, alongside other existing investors.

Sophia Nadur, managing partner at bp ventures, will join BluSmart’s board.

Richard Bartlett, SVP Future Mobility & Solutions at bp, says: “The electric mobility revolution will have a huge impact in reducing vehicle emissions in cities, which in India are growing quickly. BluSmart’s business model solves a number of key barriers to urban EV ride-hailing take-up, from the cost for drivers to the quality of customer experience. Our partnership is underpinned by shared values; caring for customers, colleagues and the environment, and with safety at the core of everything we do. We are excited to have made our first direct investment in India, to grow alongside the BluSmart business.” 

Anmol Singh Jaggi, Co-founder of BluSmart adds: “We believe that electric mobility has huge growth potential, driven in part by the increasingly favourable economics behind electric vehicles. With that in mind we want to redefine ride-hailing with electric vehicles, and our consumer focus has helped us to already establish a strong brand presence in our core market; to date our vehicles have travelled over 21 million kilometres. This latest funding infusion will help us grow as we work with bp to help transform India’s high polluting cities and redefine ride-hailing with electric vehicles.”

Blusmart Driver Charging Ev

To date, bp ventures has invested almost $800m in more than 60 companies across seven geographies.

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