In a bid 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.

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."

About IREDA:

Indian Renewable Energy Development Agency Ltd (IREDA), Mini Ratna (Category– I) Government of India Enterprise under the administrative control of Ministry of New and Renewable Energy is India’s leading financial institution dedicated to clean energy expansion. Since its inception in 1987, IREDA has financed the largest share of renewable energy projects in India. IREDA has over the years sanctioned loans to projects in Renewable Energy & Energy Efficiency sector aggregating to 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 till March 31st, 2022.

About BluSmart:

BluSmart (a start-up) is working for India's path to zero-emission mobility, improve the quality of lives of the driver-partners and continue to provide reliable ride-hailing service to customers. BluSmart Mobility is having completed 1 million+ all-electric trips, covering over 35 million+ clean km with over 350,000+ app downloads across Delhi NCR.

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MV/IG