IREDA Sanctions Rs 267 Crore Loan To Delhi-NCR Based BluSmart Mobility To Purchase 3,000 Electric Cars

In a bid to promote electric vehicles in the Delhi-NCR region, the Indian Renewable Energy Development Agency Ltd. (IREDA) has sanctioned a loan of Rs 267.6 crore 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 267.6 crores, the first tranche of Rs 35.7 crores has been disbursed by IREDA to the company.

"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," Pradip Kumar Das, CMD, IREDA, said.

"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," he added.

BluSmart is a start-up providing ride-hailing services in the Delhi NCR region. According to the company, it has completed over one million all-electric trips, covering over 35 million km with around 3.5 lakh plus app downloads across Delhi NCR.