SIDBI and BluSmart: Flag-off ceremony of 140+ electric cars for ride-hailing service

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SIDBI and BlueSmart Cabs

New Delhi, 9 July 2024: As part of the EV4ECO scheme aimed at enhancing the electric mobility ecosystem, the Small Industries Development Bank of India (SIDBI), the nation’s leading financial institution for MSMEs, along with BluSmart, India’s largest EV ride-hailing service, launched over 140 electric vehicles. The event was attended by representatives from the Indian government and various international organizations. SIDBI’s ABCD (Aaओ Bनाए Cलीन Diल्ली) initiative is focused on increasing the number of electric vehicles on Delhi’s roads. SIDBI leverages its expertise to provide financial and developmental support in green initiatives and aids other lenders by mitigating perceived risks through a risk-sharing facility, thus promoting more EV lending.

The Delhi EV Policy is considered the most progressive EV policy in India. The ABCD initiative complements this policy, taking significant steps to reduce air pollution and transform Delhi into a cleaner capital.

BlueSamrt Cabs

Shri Prakash Kumar, DMD of SIDBI, remarked, “As a development financial institution, SIDBI has consistently taken proactive measures to green the enterprise ecosystem through its developmental and financial engagements. We are at the forefront of promoting new technologies among MSMEs through innovative approaches. SIDBI is involved in various activities, expanding its reach in greening the ecosystem across all fronts, including startups, MSMEs, rural and underserved segments, and artisan clusters. We are on a journey to become a ‘Green Bank.’ SIDBI recognizes the key challenges in electric vehicle financing and has developed unique schemes to support EV ecosystem adoption and streamline financing for EV startups. We are pleased to support BluSmart in their mission for zero-emission ride-hailing services.”

Dr. R.K. Singh, CGM of SIDBI, stated, “India has set ambitious climate change mitigation targets and committed to low-carbon growth in the transport sector. To support India’s commitment to EV30@30, we strategized nationwide consultations across the EV value chain. SIDBI has launched the EV4ECO and EV-RSF schemes to facilitate affordable electric vehicle financing. These initiatives will also help reduce vehicular emissions and lower operating costs in the logistics sector.”

SIDBI is dedicated to supporting EV30@30 and aiding MSMEs in adopting green technology. We have developed additional initiatives to encourage other lenders to finance through the Risk Sharing Facility and proactively support women entrepreneurs in rural areas by providing affordable finance for transitioning to electric vehicles.

Shri Anmol Jaggi, Co-founder of BluSmart, commented, “At BluSmart, our mission is to ‘Decarbonize Mobility at Scale,’ and SIDBI’s unique ABCD initiative supporting EVs is fueling our growth in Delhi NCR. It helps accelerate EV adoption, contributing to reduced carbon emissions in the transportation sector.”