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Gensol’s crisis: stock slump, ICRA downgrade, and BluSmart link

EntrackrEntrackr · 4m ago
Gensol’s crisis: stock slump, ICRA downgrade, and BluSmart link
Medial

A downgrade by ratings agency ICRA has sent the Gensol Engineering stock on a tailspin, with the stock falling over 40% in the past four days. Gensol Engineering, an Ahmedabad-based company engaged in solar EPC and EV leasing, had been a well-regarded firm in the sector, known for its solar EPC and O&M business. They have claimed that an electric car it developed and shared a prototype of at the recent Bharat Mobility Expo received over 30,000 pre-bookings. The promoters of Gensol also happen to be founders of BluSmart. Even in its Q3 results, the firm declared that total revenues increased 30% to Rs 345 crore from Rs 266 crore a year ago. However, a drop in profit after tax to Rs 6 crore versus Rs 17 crore a year back led to pressure on the stock price. The turmoil began when ICRA downgraded Gensol’s credit rating from BBB- (Stable) to D (Junk/Default), raising concerns over the company’s debt servicing and corporate governance practices. The rating agency claimed that documents shared by Gensol regarding its debt servicing were falsified, casting doubts on the company’s liquidity position. Additionally, ICRA highlighted a rise in the promoter’s pledge, which increased from 79.8% in September 2024 to 85.5% in February 2025. ICRA also noted BluSmart’s financial struggles, including delayed payments on its Non-Convertible Debentures (NCDs). Gensol’s promoters planned an equity infusion of Rs 244 crore in FY25 through preferential share warrants, of which Rs 140 crore has been invested. The remaining Rs 100 crore funding has been delayed by about a year. In response to the crisis, Gensol announced plans to reduce its debt by Rs 665 crore, comprising Rs 315 crore from the sale of approximately 3,000 EVs and Rs 350 crore from selling US operations of a wholly-owned subsidiary, Scorpius Trackers. The company’s current debt stands at Rs 1,146 crore after repaying approximately Rs 230 crore in the current financial year. Chairman and Managing Director Anmol Singh Jaggi appeared on business news channels after the credit downgrade, reassuring stakeholders of Gensol’s growth plans and expressing confidence in restoring its credit rating within three months. Meanwhile, the company faced leadership changes with CFO Ankit Jain resigning and Jabir Aga being reappointed. The turmoil places recent project wins, such as 520 MW in two separate projects at Khavda and a total of 500 MW of BESS projects from GUVNL, in the spotlight. Failure to resolve financial troubles could lead to project cancellations. With ratings at Default, Gensol currently cannot access financial institutions and must achieve an upgrade to start tapping funding lines.

BluSmart to raise $50 Mn in new round

EntrackrEntrackr · 6m ago
BluSmart to raise $50 Mn in new round
Medial

BluSmart to raise $50 Mn in new round BluSmart Mobility, an EV ride-hailing service and EV charging operator, is raising Rs 425 crore (approximately $50 million) in its Series B round. This will be the second fundraise for the Gurugram-based company in the past six months. BluSmart's board passed a special resolution in November to issue 17,70,833 Series B CCPS at an issue price of Rs 2,400 each to raise Rs 425 crore or $50 million, its regulatory filing sourced from the Registrar of Companies shows. BluSmart has already secured Rs 61 crore from 26 individual investors, with the remaining amount expected to arrive soon. Existing investors and new participants will likely contribute to this funding round. The funding came just six months after the closure of its $24 million pre-Series B round. According to Fintrackr’s estimates, the company will be valued at around Rs 3,050 crore (approximately $363 million) post-allotment. Founded in 2019 by Anmol and Puneet Jaggi along with Punit Goyal, BluSmart follows an on-demand model. Unlike Ola, Uber, and Rapido, it offers scheduled pick-ups and drops and has a pure-play electric fleet. The company officially expands its all-electric ride-hailing services to Mumbai this week, covering key areas such as Goregaon, Bandra, and the Bandra Kurla Complex (BKC), with plans for further citywide expansion. BluSmart boasts a fleet of over 8,500 EVs, 5,800 charging stations, and has completed 22 million rides. It currently operates in Delhi, the surrounding areas of the National Capital Region (NCR), and Bengaluru. Goyal recently said that BluSmart recorded Rs 390 crore in revenue in FY24 as compared to Rs 160 crore in FY23. However, it has yet to file audited financial statements for the past two fiscal years.

IPO-bound Captain Fresh to secure debt from Trifecta

EntrackrEntrackr · 2m ago
IPO-bound Captain Fresh to secure debt from Trifecta
Medial

Captain Fresh is set to raise Rs 30 crore in debt funding from Trifecta Ventures ahead of its public listing. The company will issue 3,000 Series B5 non-convertible debentures to Trifecta Ventures Debt Fund for the aforementioned sum, according to its regulatory filings sourced from the Registrar of Companies (RoC). Captain Fresh operates a farm-to-retail platform for animal protein, primarily dealing in fish, seafood, and sheep. It sources directly from farmers and agents, catering to B2B, B2R, and B2B2C segments. This debt infusion comes on the heels of its Rs 250 crore (around $30 million) raise in an ongoing pre-IPO funding round. Financially, Captain Fresh reported a 71% jump in gross revenue (GMV) to Rs 1,395 crore in FY24 from Rs 817 crore in FY23. The company also narrowed its net loss by 22% to Rs 229 crore during the same period. Captain Fresh is preparing to file for its IPO by the end of this year. As per media reports, the company has appointed Axis Capital and BofA as bankers for a proposed IPO worth $350-400 million.

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