BluSmart operates a fleet of over 8,500 EVs, the largest in South Asia. BluSmart's asset-leasing program, Assure by BluSmart, has reached a book value of over INR 100 crore within its first year. The program, which allows partners to purchase electric vehicles and lease them to BluSmart, has seen a tenfold increase in monthly financing and has over 25 partners. BluSmart has expanded its fleet with premium vehicles like the MG ZS SUV, alongside existing Tata Tigor and Citroen eC3 models.
Assure by BluSmart has attracted significant investment from green financing institutions, transport and logistics operators, and family offices. Partners leasing EVs through the program earn fixed monthly rentals and benefit from a double-digit pre-tax IRR and a 40% accelerated depreciation benefit specific to electric vehicles.
“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 of BluSmart.
What does this initiative mean?
The initiative has garnered substantial support from various investors. This includes green financing institutions, transport and logistics operators, and family offices. The program's success highlights the growing interest in sustainable investments in India. It also underscores the potential for electric vehicles in the ride-hailing sector. The growth of Assure by BluSmart has allowed BluSmart to diversify its fleet and expand its services.
Assure by BluSmart allows partners to purchase EVs and lease them to the company for ride-hailing operations. This program provides fixed monthly rentals for partners. It offers attractive financial incentives such as double-digit pre-tax IRR and accelerated depreciation benefits.
BluSmart operates a fleet of over 8,500 EVs, the largest in South Asia. The company has facilitated over 680 million clean kilometers and provided more than 21 million rides. These efforts have resulted in a reduction of over 49,000 tons of CO2 emissions.
BluSmart's charging network encompasses 5,800 stations across 50 hubs in Delhi NCR and Bengaluru. These hubs cover over 2 million square feet and support more than 10,000 active driver partners. The company aims to continue expanding its services and contribute to sustainable transportation solutions. BluSmart is committed to providing 100% emission-free transportation.
