BluSmart’s asset leasing initiative touches Rs 100 Cr in EV financing
The initiative has grown 10x times in monthly scale of financing secured with over 25 large partners onboard.
EV ride hailing aggregator BluSmart on Tuesday said its asset leasing initiative, Assure by BluSmart, has surpassed Rs 100 crore in book value.
Under this initiative, which was launched earlier this year, partners can purchase electric cars and lease these cars to BluSmart. These vehicles will run on BluSmart’s platform and serve trips to generate earnings and will provide its partners with fixed monthly rentals.
The company added that the initiative has grown 10x times in monthly scale of financing secured, with over 25 large partners onboard, within the first year of launching it.
BluSmart has been able to diversify its fleet portfolio to include more premium offerings such as MG ZS SUV vehicles, in addition to Tata Tigor and Citroen eC3, on the back of Assure.
“The success of Assure by BluSmart demonstrates the strong appetite for sustainable investment opportunities in India, and the response to the initiative in its first year by our investors has been reassuring. We are confident that Assure by BluSmart will continue to play a vital role in achieving our mission to provide reliable, 100% emission-free transportation across markets,” said Anmol Jaggi, Co-founder, BluSmart.
The news comes amidst the company’s move to expand its premium fleet offering.
Founded in 2019, BluSmart’s all electric fleet includes 8,500 EVs and has facilitated over 680 million kilometres across 21 million rides. The company operates in Delhi NCR and Bengaluru.
In November, BluSmart reported a 77% year-over-year increase in its gross merchandise value (GMV) to Rs 275 crore in the first half of FY25 compared to Rs 155 crore in the year-ago period.
GMV is a key metric used to calculate the total value of sales during a specific period.
Edited by Megha Reddy