IREDA sanctions INR 267 crores loan to BluSmart Mobility

To promote electric vehicles in Delhi-NCR region, Indian Renewable Energy Development Agency Ltd. (IREDA), the largest lender of 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, as stated by IREDA.

Speaking on the collaboration, Shri 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.”

Anmol Jaggi, Co-Founder, and CEO, BluSmart Mobility said, “EV is going to be the new sunrise sector that will help transition India to a cleaner future. We are excited with this fundraise and heartily thank the Government of India for taking sturdy steps in the EV sector and IREDA for putting trust in us.”

In Sep 2021, BluSmart had raised USD 25 Million in Series A from bp Ventures.

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