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End trip for BluSmart? Behind the EV ride-hailing company’s deepening crisis

Economic Times

Economic Times · 5m ago

End trip for BluSmart? Behind the EV ride-hailing company’s deepening crisis

BluSmart, an electric vehicle ride-hailing firm, is struggling due to Gensol Engineering’s debt repayment crisis. Gensol, which leased about 3,000 EVs to BluSmart, is selling these vehicles to manage its debt. This move impacts BluSmart’s operations and intensifies competition from rivals like Rapido. Additionally, BluSmart faces internal challenges, with three key executives recently resigning and scaling back international expansion plans, including shuttering operations in Dubai amidst difficulties in raising fresh capital.

Related News

BluSmart spent Rs 98 Cr to make Rs 29 Cr in FY22

Entrackr

Entrackr · 2y ago

BluSmart spent Rs 98 Cr to make Rs 29 Cr in FY22

BluSmart Mobility, an EV ride-hailing service, and EV charging operator, claims to turn profitable by the end of the calendar year 2023. This confidence likely comes from consistent VC support (read large funding rounds), increasing demand for sustainable mobility options, and customer dissatisfaction with platforms like Uber and Ola.

BluSmart Launches New App To Help Users Locate Nearby EV Charging Stations

Inc42 · 1y ago

BluSmart Launches New App To Help Users Locate Nearby EV Charging Stations

BluSmart Charge, a new app launched on Android and iOS platforms, aims to cater to the needs of electric vehicle (EV) users in Delhi NCR and Bengaluru. The app, developed by BluSmart, provides mobility convenience and meets the diverse requirements of both fleet operators and individuals. BluSmart, founded in 2019, already offers EV ride-hailing services and charging infrastructure in major Indian cities.

EV ride-hailing company BluSmart raises $24 million in funding

Economic Times

Economic Times · 1y ago

EV ride-hailing company BluSmart raises $24 million in funding

Electric vehicle ride-hailing startup BluSmart has secured $24 million in a funding round led by existing investors ResponsAbility Investments, cricketer MS Dhoni's Family Office, and ReNew founder Sumant Sinha. The funding will be used to expand operations and build EV charging infrastructure. BluSmart currently operates 7,500 EVs and aims to turn profitable on an EBITDA basis by March 2026. The company faces competition from Uber, Ola, Rapido, and Namma Yatri in the ride-hailing space. BluSmart previously struggled to raise external capital and received smaller funding instances totaling $66 million in previous years.

BluSmart raises $24 Mn from existing investors, founders and leadership team

Entrackr

Entrackr · 1y ago

BluSmart raises $24 Mn from existing investors, founders and leadership team

BluSmart Mobility, an EV ride-hailing service, has raised $24 million in a recent equity round. The funding round included participation and oversubscription from existing investors, founders, and the leadership team. BluSmart aims to expand its zero ride denials, on-time service, and clean mobility to more areas. The company currently operates in Delhi-NCR and Bengaluru and plans to increase its fleet size to nearly 8,000 EVs across these regions by next year. BluSmart claims to own and operate over 4,000 EV chargers across 34 charging hubs.

BluSmart raises ₹200 crore from MS Dhoni's family office, others

Internet

Internet · 1y ago

BluSmart raises ₹200 crore from MS Dhoni's family office, others

Ride-hailing EV startup BluSmart has raised $24 million (₹200 crore) in Series B funding round led by former India cricket captain MS Dhoni's family office, ReNew Chairman Sumant Sinha and responsAbility. The fund will be used to expand operations and build EV charging infrastructure and assets, the company said. BluSmart has reportedly raised ₹710 crore so far since December 2023.

10,000 drivers stranded after BluSmart halts operations, seek dues

Inshorts · 4m ago

10,000 drivers stranded after BluSmart halts operations, seek dues

Over 10,000 drivers are reportedly left without income or clarity about their employment status after ride-hailing startup BluSmart suspended its operations. Many drivers are waiting for their pending payments and weekly incentives, the Gig Workers Association (GigWA) said. BluSmart halted operations amid an ongoing SEBI probe into its key EV partner Gensol Engineering.

BluSmart signs power purchase agreement with Tata Power Trading Co to source green energy

Livemint

Livemint · 1y ago

BluSmart signs power purchase agreement with Tata Power Trading Co to source green energy

Electric mobility ride-hailing service provider BluSmart has signed a power purchase agreement with Tata Power Trading Company to source green power. BluSmart will receive 30 MW capacity from Tata's solar PV power plant in Rajasthan. This partnership will enable BluSmart to eliminate indirect emissions from its existing EV charging infrastructure and future charging hubs. BluSmart claims to be the first mobility player in India to transition to a zero-emissions company. The company operates close to 6,000 EVs and owns and operates 4,000 EV chargers across Delhi-NCR and Bengaluru.

BluSmart’s Woes Mount as Uber Ends Fleet Partnership Talks

OutlookIndia

OutlookIndia · 3m ago

BluSmart’s Woes Mount as Uber Ends Fleet Partnership Talks

Electric vehicle ride-hailing startup BluSmart faces challenges as Uber ends talks to integrate 5,000 of BluSmart's EVs into its fleet. The decision was influenced by a disparity between BluSmart's pricing expectations and Uber's valuation, along with BluSmart's inadequate account of EV depreciation. This setback follows a collapsed agreement with Refex Group involving 2,997 cars. Additionally, BluSmart is under scrutiny for financial mismanagement, leading to a forensic audit of its finances.

BluSmart files for insolvency amidst mounting corporate governance challenges: Report

YourStory

YourStory · 1m ago

BluSmart files for insolvency amidst mounting corporate governance challenges: Report

BluSmart, an EV ride-hailing company, has filed for insolvency due to corporate governance issues. The move follows a regulatory investigation revealing fund misappropriation by a co-founder. Gensol Engineering, which leased electric vehicles to BluSmart, was accused of fund diversion for personal use. This has led to management resignations and halted operations. The National Company Law Tribunal has appointed an interim resolution professional to oversee BluSmart's operations and assets during insolvency proceedings.

Grapevine: Eversource, BluSmart, Yulu, Whirlpool, and Rebel Foods in news

VCCircle

VCCircle · 4m ago

Grapevine: Eversource, BluSmart, Yulu, Whirlpool, and Rebel Foods in news

Eversource Capital has proposed a non-binding offer of Rs 1,200 crore to acquire the EV ride-hailing company BluSmart. Nonetheless, the private equity firm might reconsider proceeding with the acquisition because of regulatory challenges faced by Gensol Engineering, which is the primary lessor of BluSmart’s electric vehicle fleet.

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