From the sanctioned loan of INR 267.67 crores, the first tranche of INR 35.70 has been disbursed by IREDA to the company
Electric vehicle firm BluSmart Mobility has received a loan sanction of Rs 268 crore from state-run Indian Renewable Energy Development Agency (IREDA).
BluSmart Mobility will use the fresh capital to purchase 3,000 all-electric cars to expand its EV fleet.
“In a bid to promote electric vehicles in Delhi-NCR region, Indian Renewable Energy Development Agency Ltd (IREDA), the largest lender of the Renewable Energy sector in India, sanctioned a loan of INR 267.67 crores to BluSmart Mobility for the purchase of 3,000 all-electric cars,” a company statement said.
From the sanctioned loan of INR 267.67 crores, the first tranche of INR 35.70 has been disbursed by IREDA to the company.
IREDA CMD Pradip Kumar Das 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”.
Anmol Jaggi, Co-Founder, and CEO, BluSmart Mobility said in the statement, “We are excited with this fundraise and heartily thank the Government of India for taking sturdy steps in the EV sector and IREDA for putting trust in us.”
