BP Ventures, the venture capital division of fuel giant BP, has made its first direct investment in India, investing US$13m in integrated EV ride-hailing and charging company BluSmart.
BP led a US$25m 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 its home city of 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.
BluSmart claims to be India’s first and largest integrated EV ride-hailing and charging company, and aims to deliver safer, cleaner and more sustainable mobility.
The company says it provides the first service of its kind with no surge pricing or rides rejected by drivers. Safety and cleanliness are paramount in the Indian market, and customers can view the last time each car was sanitised and driver vaccination status via the BluSmart app. The company adds that it removes the financial burden of vehicle ownership by leasing vehicles to drivers and oversees all vehicle maintenance, to help reduce driver stress.
