In order to encourage electric vehicles in the Delhi National Capital Region (NCR) region, the Indian Renewable Energy Development Agency Ltd. (IREDA), India's largest renewable energy lender, approved a loan of Rs. 267.67 crores to BluSmart Mobility for the purchase of 3,000 all-electric vehicles.
BluSmart Mobility will utilize the new funds to acquire 3,000 all-electric vehicles, expanding its Electric Vehicle (EV) fleet. IREDA has issued the first payment of Rs. 35.70 crores from the sanctioned loan of Rs. 267.67 crores to the firm.
We at IREDA think that electric mobility has significant development potential in India, stated Shri Pradip Kumar Das, Chairman and Managing Director (CMD) of IREDA. BluSmart has been offering services in India's national capital region, and we applaud the efforts of their staff. This is our first significant investment in this area, and it is aimed at making India a cleaner and greener country.
IREDA is looking forward to funding more EV projects in order to accelerate the country's transition to clean transportation sources. This is part of the company's effort to lower emissions in the National Capital Region (NCR).
EV is going to be the next dawn industry that will assist transition India to a cleaner future, stated Anmol Jaggi, Co-Founder and Chief Executive Officer (CEO) of BluSmart Mobility. We are really happy about this fundraising and would want to express our heartfelt gratitude to the Government of India for taking strong initiatives in the EV industry, as well as IREDA for placing their faith in us.
About IREDA :
Indian Renewable Energy Development Agency Ltd (IREDA), Mini Ratna (Category– I) Government of India Enterprise, is India's main financial organization committed to clean energy expansion. It is administered by the Ministry of New and Renewable Energy. IREDA has supported the majority of renewable energy projects in India since its founding in 1987. Over the years, IREDA has sanctioned loans to projects in the Renewable Energy and Energy Efficiency sectors totaling Rs. 1,20,522 crores (approx. ), disbursed Rs. 77,946 crores (approx. ), and supported more than 19,453 Megawatt electric (MWe) of Renewable Energy (RE)capacity in the nation till March 31st, 2022.
BluSmart (a start-up) is trying to accelerate India's transition to zero-emission transportation, enhance the quality of life for driver partners, and continue to serve consumers with dependable car hailing services. BluSmart Mobility has conducted over 1 million all-electric rides, totaling over 35 million clean kilometers with over 350,000 app downloads across the Delhi NCR.
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