EV4ECO Scheme: SIDBI, BluSmart Launch 140 Electric Cars for Ride-Hailing Service

SIDBI supports MSMEs in adopting green technology, and promoting affordable finance for women entrepreneurs in rural areas for EV transition.
EV4ECO Scheme: SIDBI, BluSmart Launch 140 Electric Cars for Ride-Hailing Service

New Delhi: Under the EV4ECO scheme promoting electric mobility, the Small Industries Development Bank of India (SIDBI) and BluSmart introduced more than 140 electric cars.

The event was attended by representatives from the Indian government and international organizations. The initiative, branded as ABCD (Aaओ Bनाए Cलीन Diल्ली), aims to increase the number of EVs on Delhi’s roads.

SIDBI, known for channeling financial and developmental support in green initiatives, collaborates with other lenders to mitigate perceived risks through a risk-sharing facility, thereby encouraging more EV financing. This aligns with Delhi's progressive EV policy, aiming to reduce air pollution and transform Delhi into a clean capital.

Prakash Kumar, Deputy Managing Director of SIDBI, highlighted SIDBI’s initiatives across various sectors, including startups, rural areas, and artisan clusters, reflecting the institution's broader mission to become a "Green Bank." Kumar noted SIDBI's unique schemes addressing challenges in electric vehicle financing, aiding EV startups, and supporting BluSmart in their zero-emission ride-hailing journey."

Dr. R.K. Singh, Chief General Manager of SIDBI, mentioned the nationwide consultations conducted across the EV value chain and the launch of the EV4ECO and EV-RSF schemes to facilitate affordable EV financing. These efforts are aimed at reducing vehicular emissions and operating costs in the logistics sector.

SIDBI is dedicated to supporting the MSMEs in adopting green technology, encouraging financing through the Risk Sharing Facility, and promoting affordable finance for women entrepreneurs in rural areas for EV transition.

Anmol Jaggi, Co-founder of BluSmart, stated that their mission to “Decarbonize Mobility at Scale” is being propelled by SIDBI’s ABCD initiative. This support is crucial for BluSmart's growth in the Delhi NCR region, accelerating EV adoption and contributing to reduced carbon emissions in transportation.

This collaboration marks a significant step towards cleaner and more sustainable urban transportation in India’s capital, reinforcing the commitment to environmental sustainability and green technology."

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