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BluSmart may end cab-hailing trip, hit reverse gear
Economic Times
·
4m ago
Medial
BluSmart, an electric ride-hailing startup, plans to transition its business from cab services to becoming a fleet partner for Uber due to financial challenges. With shareholders' approval, BluSmart will gradually transfer its fleet to Uber, starting with 700-800 vehicles. This move aims to alleviate BluSmart's monthly cash burn exceeding Rs 20 crore. The transition is crucial for BluSmart as it faces a cash crunch and failed capital funding, impacting operations and delaying salary payments.
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7
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Crisis-hit BluSmart's users unable to book cabs, demand wallet refund
Inshorts
·
3m ago
Medial
Several customers of electric cab service BluSmart in Delhi-NCR, Mumbai and Bengaluru reported issues with cab bookings as the crisis-hit company began suspending its service. Some customers asked for a full refund of their wallet balance from the app. This comes after SEBI's action on BluSmart and Gensol Engineering promoters Anmol and Puneet Singh Jaggi over alleged misuse of funds.
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Tragic setback for investors: Bikhchandani on BluSmart crisis
Inshorts
·
3m ago
Medial
Info Edge Founder Sanjeev Bikhchandani said ride-hailing startup BluSmart suspending its operations is "a tragic setback for the investors". "As a customer, I am disappointed because the cab services were really good," he added. Speaking about SEBI's probe into BluSmart partner Gensol Engineering, he said, "There will be some bad actors, but...95-98% of startups are honest."
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BluSmart to deploy 300 electric cabs on Uber’s platform
YourStory
·
4m ago
Medial
BluSmart, an electric vehicle ride-hailing app, plans to deploy 300 electric cabs on Uber's platform amidst its challenges. This collaboration follows a standard aggregator model, with Uber taking a commission per ride. BluSmart's leadership, including its CEO, plans exits amid financial struggles. Previously, BluSmart partnered with Rapido for a similar model, but Rapido withdrew due to liquidity issues at Gensol, BluSmart's cab lessor. Talks of Uber acquiring BluSmart are currently denied by its co-founder.
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Crisis-hit BluSmart’s 500 staffers await clarity on their salary dues
Economic Times
·
3m ago
Medial
BluSmart, an all-electric cab service provider, is facing a cash crisis, leaving 500 employees awaiting clarity on unpaid salaries since March. Despite founder Anmol Singh Jaggi's previous assurances, there’s no update on salary payments. The company, transitioning to a fleet operator for Uber, may lay off staff linked to its ceased ride-hailing operations. Senior executives have resigned and are job hunting as fundraising and private equity discussions falter amidst financial and regulatory challenges.
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BluSmart crisis: Green mobility’s red flag is giving HNIs bond blues
Economic Times
·
3m ago
Medial
High net-worth individuals (HNIs) and retail investors face uncertainty over BluSmart Mobility bonds, sold via fintech platforms like Yubi, Centricity, and Klub, as BluSmart halts operations and struggles with cash flow issues. The electric cab-hailing company’s failure to secure $50 million in funding and an ongoing investigation by Sebi into Gensol Engineering compound repayment concerns for bondholders, who fear repayment delays and defaults despite reassurances from BluSmart's founder.
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BluSmart May Come Back with EV Cab-Hailing Operations Next Month
OutlookIndia
·
3m ago
Medial
BluSmart, an EV cab-hailing start-up facing financial and leadership crises, is in talks with distressed funds to potentially resume operations next month. The Bengaluru-based company has halted its services since March due to heavy losses and executive resignations. Discussions with funds focused on climate and mobility could provide a financial lifeline. Meanwhile, BluSmart is also reportedly transitioning some of its fleet to join Uber’s network amidst its operational restructuring efforts.
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Paytm Eyeing Foray Into Ride Hailing Space With Autorickshaw Offerings, To Challenge Ola, Uber
Inc42
·
1y ago
Medial
Paytm, the fintech giant in India, is planning to enter the ride-hailing space by offering auto rickshaw booking services through its app. The service is currently being tested with select users and might expand to include cab bookings later on. Paytm aims to launch these ride-hailing services in tier 1 cities such as Delhi, Bengaluru, and Chennai. This move will challenge the dominance of Ola and Uber in the Indian ride-hailing market, which is already facing competition from emerging players like Rapido and BluSmart. Paytm's ride-hailing venture is facilitated by ONDC-backed Namma Yatri, which offers its services to driver partners through a subscription fee model.
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What’s at stake for VCs, angel investors as BluSmart ride gets bumpier?
VCCircle
·
4m ago
Medial
BluSmart Mobility, a once-promising Indian startup in the electric vehicle sector, faces significant financial challenges, putting millions of dollars at risk for numerous angel investors, venture capital firms, and a major impact investor. Known for its innovative cab-hailing services and charging infrastructure, the Gurugram-based company was considered a beacon of India's burgeoning electric mobility industry. However, its current struggles highlight the volatility and challenges within the sector, affecting stakeholders' potential returns.
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BluSmart Repays Rs 30 Crore of Debt After Default Scare: Report
OutlookIndia
·
5m ago
Medial
BluSmart, an electric cab-hailing service, successfully repaid Rs 30 crore of non-convertible debentures despite an earlier default scare due to a cash crunch. The repayment was made with Rs 18 crore cleared by February 21 and the rest by February 22, 2025. Initially, the payment was due on February 3. The company, operating with a fleet of 8,000 EVs in cities like Delhi and Bengaluru, plans further expansion in the UAE and surrounding regions.
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Uber in early discussions with EV ride-hailing startup BluSmart for a possible acquisition
Economic Times
·
4m ago
Medial
Uber Technologies is in early discussions to acquire BluSmart Mobility, an all-electric cab service operator based in Gurugram. This potential acquisition could enhance Uber's foothold in India's growing electric cab market and consolidate its position amid rising competition. BluSmart operates over 5,000 electric vehicles in India and has a broad EV charging network. Despite BluSmart's cofounder's denial of acquisition talks, Uber aims to bolster its electric vehicle segment through this potential deal.
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