SIDBI and BluSmart collaborates to deploy 140+ electric cars for ride hailing service

ETAuto Desk ETAuto Desk | 07-10 16:20

SIDBI shows its commitment to the EV30@30 initiative by supporting MSMEs in adopting green technology.
New Delhi: Small Industries Development Bank of India (SIDBI) and BluSmart launched 140+ electric cars under the EV4ECO scheme in an event attended by representatives from the Indian government and other agencies. The initiative aims to enhance electric vehicle adoption in Delhi, supporting the progressive Delhi EV Policy and addressing air pollution. SIDBI offers financial support to electric mobility ecosystems and helps reduce lenders' perceived risks through a risk-sharing facility.

SIDBI's expertise in channeling financial and developmental support in green areas is pivotal in encouraging the transition to electric vehicles. SIDBI also supports other lenders by reducing their perceived risks, making the financing of EVs more accessible. The Delhi EV Policy is noted as the most progressive in India, and the ABCD initiative aims to complement this policy, promoting a cleaner capital city.

Shri Prakash Kumar, DMD of SIDBI, highlighted SIDBI's commitment to green initiatives, stating, "SIDBI, being a development financial institution (DFI), has taken proactive steps to green the enterprise ecosystem with its developmental and financial engagements. It has always remained at the forefront when it comes to promoting new technologies among the MSMEs through its innovative approach. SIDBI is engaged in several activities and expanding its horizon in the space of Greening the Ecosystem at all fronts, be it startup, MSMEs, rural/unserved/underserved segments/pockets/artisan clusters and so on. We have commenced our journey to become a 'Green Bank'. SIDBI has understood the key challenges in electric vehicle financing and henceforth created unique schemes for the EV ecosystem to support the adoption and streamline the finance for EV startups as well. SIDBI is pleased to support BluSmart in their journey of zero emission ridehailing service."

Dr. R.K. Singh, CGM of SIDBI, spoke about India's ambitious climate targets, saying, "India has set ambitious climate change mitigation targets and has committed to low-carbon growth in the transport sector. To support India’s commitment to EV30@30, it was strategized to conduct country-wide consultations across the EV value chain. SIDBI has launched the EV4ECO & EV-RSF schemes to enable the affordable financing of electric vehicles. These initiatives will also contribute to the reduction in vehicular emissions and reduce the operating cost in the logistics sector."

SIDBI shows its commitment to the EV30@30 initiative by supporting MSMEs in adopting green technology. They have formulated several initiatives to encourage other lenders through the Risk Sharing Facility and actively support women entrepreneurs in rural areas by enabling affordable finance for their transition to electric vehicles.

Anmol Jaggi, Co-founder of BluSmart, emphasized their mission, "At BluSmart, our mission is to 'Decarbonize Mobility at scale' and SIDBI with its unique ABCD initiative supporting EVs is fueling our growth in Delhi NCR and helping in accelerating the adoption of EVs contributing to the reduction of carbon emissions from the transportation sector."

SIDBI and BluSmart’s efforts reflect a concerted push towards a greener future with reduced air pollution and more sustainable transportation options. The initiative marks a significant step in India's electric mobility journey, promoting cleaner air and supporting climate change mitigation goals.

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