PFC Approves Rs. 633 Crores for 5000 EVs and 1000 EV Cargo Vehicles in Delhi

NEW DELHI- In a bid towards creating a cleaner and greener Delhi-NCR region, Power Finance Corporation Ltd (PFC), the nation’s largest power sector lender, has sanctioned 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 passenger EVs will be leased to Blusmart Mobility Pvt. Ltd (BMPL) to expand its fleet of ride-hailing cabs. The first tranche of the loan has been disbursed and the first lot of EV cabs has hit the roads of Delhi. 

The 5000 e4Ws funded by PFC would result in emission savings of over 1,00,000 tons of CO2 equivalent. This is equivalent to the amount of CO2 absorbed by over 5 million fully grown trees in a year. With a vision of accelerating India’s net-zero goal, PFC, apart from funding renewables in a big way, has been exploring opportunities in debt funding of EVs (OEMs and fleet acquisition), Battery OEMs and EV charging infrastructure. 

The cabs were flagged off on 20th April 2023. Present on the occasion were Shri. Ajay Tewari (Additional Secretary, MoP), Shri. Ravinder Singh Dhillon (CMD, PFC), Shri. Rajiv Ranjan Jha (Director Projects, PFC), Shri. Manoj Sharma (Director Commercial, PFC), Shri. Anmol Singh Jaggi (CEO and co-founder, Blusmart Mobility) and other high ranking officials.

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Addressing on the occasion of flagging off the first lot of EVs, Shri 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.”

Incepted in 2019, BluSmart has the largest fleet of electric cabs and the largest network of EV fast charging stations across Delhi NCR and Bengaluru. The company has completed 5 million+ all-electric trips, covering over 185 million+ clean kms with over 1.7 million plus app downloads with an app rating of 4.9 out of 5.0. 

"India is set to play a pivotal role in driving global disruption in the electric mobility sector. At BluSmart, we are committed to bring this transformational shift in the sector and responsibly scale our footprint across India. With this, we are also increasing our market share of the electric vehicle mobility segment. We are excited with this financing through PFC which will help us 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.” said Anmol Singh Jaggi, CEO and Co-founder of BluSmart.

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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. This is the largest EV asset financing deal in India.

About BluSmart: 

BluSmart is leading India's path to zero emission mobility, and we will continue to improve the quality of lives for people, improve the quality of lives of the driver partners and continue to provide the "most reliable ride hailing service to customers". It has the largest fleet of electric cabs and the largest network of EV fast charging stations across Delhi NCR and Bengaluru

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