30th Sep 2021 08:32
(Alliance News) - London-based BP PLC on Thursday said it has made its first direct investment in India, investing USD13 million in integrated electric vehicles ride-hailing and charging firm BluSmart.
The FTSE 100-listed oil major led a USD25 million 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, it said, and to provide integrated energy and mobility solutions to help customers reduce their emissions across the world.
"This latest funding infusion will help us grow as we work with BP to help transform India’s high-polluting cities and redefine ride-hailing with electric vehicles," said Anmol Jaggi, co-founder of BluSmart.
Sophia Nadur, managing partner at BP ventures, will join BluSmart's board.
BP shares were trading 0.4% higher in London on Thursday at 339.55 pence each.
By Evelina Grecenko; [email protected]
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