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To promote electric vehicles in the Delhi-NCR region, the Indian Renewable Energy Development Agency (IREDA) on Friday sanctioned a loan of 267.67 crore to BluSmart Mobility for the purchase of 3,000 all-electric cars. IREDA is the largest lender of the Renewable Energy sector in India.

The startup, BluSmart Mobility will be using the fresh capital to purchase 3,000 all-electric cars, leading to an expansion of its EV fleet.

From the sanctioned loan of 267.67 crore, the first tranche of 35.70 has been disbursed by IREDA to the company.

Pradip Kumar Das, CMD, IREDA said, "We at IREDA believe that electric mobility has huge growth potential in India. BluSmart has been providing its services in the national capital region of India, and we support their team behind this good work."

IREDA CMD added, "This is our first major investment in this space and towards making India a cleaner and greener country. IREDA is looking forward to financing more EV projects to speed up the progress of moving transportation to clean sources in the country. This is part of the company's endeavor to help reduce emissions in the National Capital Region."

IREDA since its inception in 1987, has financed the largest share of renewable energy projects in India. IREDA has over the years sanctioned loans to projects in Renewable Energy & Energy Efficiency sector aggregating to 1,20,522 crore (approx.), disbursed 77,946 crore(approx.), and supported more than 19,453 MW of RE capacity in the country till March 31st, 2022.

BluSmart is working on India's path to zero-emission mobility, improving the quality of life of the driver-partners and continuing to provide reliable ride-hailing service to customers. BluSmart Mobility is having completed 1 million+ all-electric trips, covering over 35 million+ clean km with over 350,000+ app downloads across Delhi NCR.

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