BluSmart’s Assure programme hits ₹100 crore in first year, expands EV fleet tenfold – CNBC TV18

Homegrown electric ride-hailing and EV charging infrastructure provider BluSmart, on Tuesday, announced that its asset-leasing programme, Assure by BluSmart, has crossed a significant milestone by surpassing a book value of ₹100 crore within its first year of launch.

BluSmart, founded in 2019, stated that this initiative has grown rapidly, recording a tenfold increase in monthly financing and bringing over 25 key partners, including green financing institutions, transport operators, and family offices, on board.

Under the BluSmart’s Assure initiative, partners can purchase electric vehicles (EVs) and lease them to BluSmart. These vehicles are integrated into BluSmart’s platform, where they are used for passenger trips to generate earnings as it ensures partners receive fixed monthly rentals.

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Additionally, the programme provides double-digit pre-tax internal rate of return (IRR) and an accelerated depreciation benefit of 40%, applicable exclusively to EVs as per existing regulations.

Anmol Jaggi, Co-founder of BluSmart, in a company statement, said, “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.”

The Assure initiative has also enabled BluSmart to diversify its EV fleet, adding premium electric vehicle options such as the MG ZS SUV to its existing lineup, which includes models like the Tata Tigor and Citroen eC3.

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BluSmart, which claims to be South Asia’s first and largest all-electric ride-hailing and EV charging infrastructure network, comprises over 8,500 electric vehicles and states that it has completed over 21 million rides, covering 680 million clean kilometres to date.

BluSmart launched its first international service in the UAE, introducing a premium all-electric limousine offering in June 2024.

BluSmart’s EV charging infrastructure, with 5,800 charging stations spread across 50 hubs in Delhi NCR and Bengaluru, covers more than 2 million square feet and are supported by a network of over 10,000 active driver partners.

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