SIDBI And BluSmart Launch Over 140 Electric Cars In Delhi Under EV4ECO Scheme

In a significant move towards promoting eco-friendly transport in Delhi, SIDBI and BluSmart teamed up under the EV4ECO scheme.

This initiative, flagged off by India’s apex MSME financial institution and the largest EV ride-hailing service, saw over 140 electric cars hitting the capital’s streets. Representatives from the Indian government and international organizations were present to mark this milestone.

SIDBI, known for its financial support to MSMEs, introduced the “ABCD” (Aaओ Bनाए Cलीन Diल्ली) tagline to boost electric vehicle numbers in Delhi. The institution aims to reduce lenders’ risks in financing EVs, thus facilitating more loans for green initiatives. This complements Delhi’s progressive EV Policy, aiming to make the city a cleaner capital by curbing air pollution.

Shri Prakash Kumar, DMD of SIDBI, emphasized the institution’s commitment to green technologies and supporting startups and MSMEs in adopting electric vehicles. He highlighted SIDBI’s role as a “Green Bank,” promoting sustainable practices across various sectors, including rural and underserved areas.

Dr. R.K. Singh, CGM of SIDBI, underscored India’s climate goals and the importance of EVs in achieving low-carbon growth. He announced the EV4ECO and EV-RSF schemes, designed to provide affordable financing for electric vehicles and reduce emissions in the logistics sector.

SIDBI remains dedicated to supporting MSMEs in embracing green technology, offering initiatives like the Risk Sharing Facility to encourage other lenders. They also aim to empower women entrepreneurs in rural areas with affordable finance options for transitioning to electric vehicles.

Anmol Jaggi, Co-founder of BluSmart, expressed enthusiasm about the partnership, stating,“At BluSmart, our mission is to ‘Decarbonize Mobility at scale’ and SIDBI with its unique ABCD initiative supporting EVs is fuelling our growth in Delhi NCR and helping in accelerating the adoption of EVs contributing to the reduction of carbon emissions from the transportation sector,” as quoted in the official Press Release.

This partnership between SIDBI and BluSmart marks a crucial step towards a cleaner and greener future for Delhi, aligning with India’s broader sustainable development goals.