EV ride hailing aggregator BluSmart on Tuesday said its asset leasing initiative, Assur by BluSmart, has crossed Rs 100 crore in book value.
Under the initiative, which was launched earlier this year, partners can purchase electric cars and lease these cars to BluSmart. These vehicles will run on BluSmart’s platform and provide trips to generate income and make them available to its partners for a fixed monthly rental.
The company reported a 10-fold increase in monthly secured financing with over 25 major partners within the first year of the initiative.
On the back of Assure, BluSmart has been able to diversify its fleet portfolio to include more premium offerings such as MG ZS SUV vehicles besides Tata Tigor and Citroen eC3.
“The success of Assure by BluSmart demonstrates the strong appetite for sustainable investment opportunities in India, and the response from our investors to the initiative in its first year has been reassuring. We are confident that Assure by BluSmart will play an important role in achieving our goal of providing reliable, 100% emission-free transportation to markets,” said Anmol Jaggi, co-founder of BluSmart.
The news comes amid moves by the company to expand its premium fleet offering.
Established in 2019, BluSmart’s all-electric fleet includes 8,500 EVs and has covered more than 680 million kilometers in 21 million vehicles. The company operates in Delhi NCR and Bengaluru.
In November, BluSmart reported a 77% year-on-year growth in its gross merchandise value (GMV) in the first half of FY25 at Rs.
GMV is the main metric used to calculate the total value of sales during a particular period.