BP invests $13 million in India's EV company BluSmart

BP has made a US $13 million investment in integrated EV ride-hailing and charging company BluSmart, which is BP's first direct investment in India,

BluSmart has led a US $25 million Series A round that also saw support from Mayfield India Fund, 9Unicorns and Survam Partners, alongside other existing investors. The company will use the capital to expand its fleet of electric vehicles and charging stations from its home city of Delhi to five additional Indian cities in the next two years.

“The electric mobility revolution will have a huge impact in reducing vehicle emissions in cities, which in India are growing quickly. BluSmart’s business model solves a number of key barriers to urban EV ride-hailing take-up, from the cost for drivers to the quality of customer experience. Our partnership is underpinned by shared values; caring for customers, colleagues and the environment, and with safety at the core of everything we do. We are excited to have made our first direct investment in India, to grow alongside the BluSmart business," said Richard Bartlett, SVP future mobility & solutions in a statement.

The investment will help BP move towards becoming a leader in India’s mobility market, the company said in the statement. Nonetheless, it will provide integrated energy and mobility solutions to help people reduce their emissions across the world.

BluSmart is India’s first and largest integrated EV ride-hailing and charging company. Managing partner at BP ventures, Sophia Nadur, will join BluSmart’s board, the companies said.