BP Ventures, a part of British energy major BP plc, in its first direct investment in India,, has announced an investment of $13 million in integrated EV ride-hailing and charging company BluSmart.
The company led a $25 million Series A round that also saw support from Mayfield India Fund, 9Unicorns and Survam Partners, alongside other existing investors.
BluSmart will use the capital to expand its fleet of electric vehicles and charging stations from Delhi to five additional Indian cities in the next two years.
The investment will help BP move towards becoming a leader in India’s mobility market, and to provide integrated energy and mobility solutions to help customers reduce their emissions across the world, the company said in a statement.
Sashi Mukundan, President, BP India and senior vice-president, BP group said, “The investment in BluSmart helps reinforce our commitment to partner in India’s aim to achieve its climate goals.”
Source: Read Full Article