The loan will support the expansion of Blusmart Mobility’s fleet of ride-hailing cabs and contribute to reducing carbon emissions from the transportation sector.
Power Finance Corporation Ltd (PFC) has taken a major step towards a cleaner and greener Delhi-NCR region by granting a loan of Rs 633 crores to Gensol Engineering Ltd (GEL) for the purchase of 5000 passenger Electric Vehicles (EVs) and 1000 cargo EVs.
The first tranche of the loan has been disbursed and the first lot of EV cabs has hit the roads of Delhi. The passenger EVs will be leased to Blusmart Mobility Pvt. Ltd (BMPL) to expand its fleet of ride-hailing cabs.
This funding by PFC will contribute significantly to India’s net-zero goal. In addition to funding renewables, PFC has been exploring opportunities in debt funding of EVs, Battery OEMs, and EV charging infrastructure.
The 5000 e4Ws funded by PFC would result in emission savings of over 1,00,000 tons of CO2 equivalent.
The cabs were flagged off on 20th April 2023, and present at the occasion were high-ranking officials such as Ajay Tewari (Additional Secretary, MoP), Shri. Ravinder Singh Dhillon (CMD, PFC), Rajiv Ranjan Jha (Director Projects, PFC),Manoj Sharma (Director Commercial, PFC), and Anmol Singh Jaggi (CEO and co-founder, Blusmart Mobility).
Ravinder Singh Dhillon, CMD, PFC, said, “E-mobility adoption is going on at a fast pace in the country, and we believe that there is a huge potential in this field. Through this funding, PFC has endeavored to contribute towards India’s Nationally Determined Contributions (NDC) goals and this will go a long way for moving towards a healthy and sustainable mode of transport.”
BluSmart has completed over 5 million all-electric trips, covering over 185 million clean kms. Anmol Singh Jaggi, CEO and Co-founder of BluSmart, said, “India is set to play a pivotal role in driving global disruption in the electric mobility sector. With this financing through PFC, we are excited to deploy more EVs on the streets of our cities and continue to build on our vision to create a unique customer experience through electric mobility in India.”
Electric vehicles are rapidly gaining popularity in India due to the government’s push for clean and sustainable transportation.
With this sanction, PFC is supporting the government’s vision of reducing dependency on fossil fuel, promoting electric mobility in the country, and contributing to the reduction of carbon emissions from the transportation sector.