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Evera Cabs takes over 500 BluSmart EVs

EntrackrEntrackr · 3m ago
Evera Cabs takes over 500 BluSmart EVs
Medial

Evera Cabs (Prakriti Mobility) has initiated the repossession of 500 electric cabs formerly operated by BluSmart, following the latter’s operational suspension in key metros. With 220 vehicles already acquired and the remaining 280 set to be reclaimed in the coming days, Evera is strengthening its position as the leading electric cab service provider, with a strong focus on airport mobility. The company is on an acquisition spree with a funnel of 1,000 BluSmart cabs, Evera said in a press release. This development follows BluSmart’s suspension of services in key metros such as Bengaluru, Mumbai, and Delhi. The BP Ventures- and Mayfield-backed company is also facing protests from its driver partners over unpaid dues and job losses. Evera is an all-electric, app-based taxi service currently serving Indira Gandhi International Airport, operating in the B2B segment since 2022. Evera said that the repossession of BluSmart’s cabs through its lenders is part of a multi-stage strategic plan to reinforce its footprint in NCR’s high-demand airport cab sector. The first phase involves the redeployment of these electric vehicles to strengthen operations, particularly in and around Indira Gandhi International Airport. According to the company, alongside fleet integration, a significant number of BluSmart drivers are transitioning to Evera, with around 150 already actively completing trips. In the next phase, Evera plans to double down on its airport network expansion to extend services across all terminals of Delhi’s airport. While Evera previously operated only from Terminal 3, the integration of new vehicles enables full-terminal coverage to ensure better availability and turnaround times for commuters.

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Why Ola’s Path To Green Mobility Is Full Of Twists And Turns

Inc42Inc42 · 1y ago
Why Ola’s Path To Green Mobility Is Full Of Twists And Turns
Medial

Ola Cabs, a major ride-hailing company in India, has been slow to make progress in transitioning to electric mobility and has faced increased competition in the EV segment. While Ola Electric, a subsidiary of Ola Cabs, was established in 2017, the company has yet to achieve any significant milestones in its quest for an electric fleet. In contrast, competitors like Uber India and other emerging players such as BluSmart and Evera Cabs have already deployed thousands of electric vehicles. Ola's past initiatives, such as "Mission: Electric," have not come to fruition, and the company's current CEO, Hemant Bakshi, has offered limited clarity on its green mobility plans. Nevertheless, Ola aims to expand its electric vehicle offerings beyond two-wheelers to include three-wheelers, cars, and e-buses. However, Ola Electric's timeline for new products may not align with Ola Cabs' ambitions. Ola Electric plans to launch electric auto-rickshaws in the coming months, which could be integrated into Ola Cabs' fleet. The company also intends to enter the electric car market eventually but may need to partner with fleet operators and other original equipment manufacturers in the meantime. Ola's focus on scaling up its electric two-wheeler ride-hailing vertical is driven by the belief that state governments are more likely to favor two-wheelers over traditional internal combustion engines. However, Ola faces competition from established players such as Yulu and Rapido, as well as Uber's emphasis on Uber Moto. Ola still has to overcome challenges such as unit economics and profitability while catching up with existing rivals.

Anmol and Puneet Jaggi resign from Gensol following SEBI probe

EntrackrEntrackr · 2m ago
Anmol and Puneet Jaggi resign from Gensol following SEBI probe
Medial

Anmol and Puneet Jaggi resign from Gensol following SEBI probe Gensol Engineering Limited announced today that two of its top executives, Managing Director Anmol Singh Jaggi and Whole-time Director Puneet Singh Jaggi, have resigned from their positions, effective from the close of business hours on May 12, 2025. In separate resignation letters addressed to the Board of Directors, both Anmol Jaggi and Puneet Jaggi cited compliance with directions issued under the Securities and Exchange Board of India (SEBI) Interim Order dated April 15, 2025, as the reason for their departures. The resignations also include stepping down from all committee memberships within the company. The development comes a couple of days after SEBI’s order to conduct a forensic audit of Gensol Engineering’s financial statements for the financial years FY22 to FY25. The market regulator has already published findings of its probe into Gensol Engineering, BluSmart’s partner and EV lessor, which highlighted misuse of funds and also barred promoters Anmol and Puneet Singh Jaggi from accessing the securities market and holding key positions in Gensol Engineering. According to SEBI interim order, both promoters (Jaggi brothers) siphoned off hundreds of crores in company funds borrowed for the purchase of electric vehicles meant for their affiliate BluSmart for personal and related-party gains, including the purchase of a luxury apartment in Gurgaon, golf accessories, foreign currency, and travel. Following the crisis at Gensol, BluSmart suspended services in key metros such as Bengaluru, Mumbai, and Delhi. The BP Ventures– and Mayfield–backed company has been also facing protests from its driver partners over unpaid dues and job losses. While Uber was reportedly in talks to acquire BluSmart’s fleet, Evera Cabs (Prakriti Mobility) initiated the repossession of 500 electric cabs formerly operated by BluSmart recently. The embattled cab operator is reportedly in talks with two major distressed asset funds focused on the climate and mobility sectors to revive its operations. However, considering the current situation, the chances of bringing the company back on track remain negative.

NCLT Ahmedabad initiates insolvency proceedings against BluSmart

EntrackrEntrackr · 10d ago
NCLT Ahmedabad initiates insolvency proceedings against BluSmart
Medial

NCLT Ahmedabad initiates insolvency proceedings against BluSmart BluSmart Mobility, the electric vehicle ride-hailing startup, has been admitted into insolvency proceedings by the National Company Law Tribunal (NCLT), Ahmedabad, following a creditor petition filed by Catalyst Trusteeship. The tribunal’s order, delivered on July 28, comes as a blow to BluSmart and adds to the growing turbulence faced by the Gurugram-based company. According to tribunal records reviewed by Entrackr, the insolvency process was initiated after BluSmart defaulted on servicing its Rs 15 crore debt raised through 15 secured, redeemable non-convertible debentures (NCDs) issued in April 2023. Catalyst Trusteeship, acting as debenture trustee for InCred Credit Opportunities Fund-I, pointed out that BluSmart was required to redeem the NCDs in equal principal installments. However, repayments were delayed and the company ultimately defaulted on payments totaling over Rs 1.28 crore for the March and April 2025 installments, which breached the Rs 1 crore threshold for triggering action under India’s insolvency law. BluSmart’s counsel tried to defend the company, claiming payment delays were temporary and due to commercial circumstances rather than a genuine inability to pay. The company also flagged procedural issues in the proceedings, including confusion over the dates of default and initial filing defects. Its representatives argued that the petition was a tactic for debt recovery, especially since a related interim regulatory order from SEBI had been issued against BluSmart’s group company, Gensol Engineering, and its promoters just weeks earlier. The NCLT, however, dismissed these objections after considering all evidence, including bank statements, board resolutions, official notices, and a key email from BluSmart’s founder on April 10, 2025, admitting the company’s liability. The bench noted that the existence of the debt and persistent defaults was beyond doubt, and technical objections could not override the substantive lack of payment. It further clarified that regulatory proceedings against related parties did not affect its assessment of the company’s own solvency position. The tribunal admitted the insolvency petition and appointed NPV Insolvency Professionals as the Interim Resolution Professional (IRP). It placed a moratorium prohibiting all legal and recovery actions against BluSmart and directed the IRP to take over management and invite claims from creditors while continuing to operate the ride-hailing business as a going concern through the resolution process. Creditors now have the opportunity to submit revival proposals, but in the absence of a workable plan, BluSmart could be headed for liquidation. BluSmart, once a promising EV ride-hailing startup, has already suspended operations across Delhi-NCR, Bengaluru, and Mumbai since April 2025 after SEBI barred its founders over fund misuse allegations. Over 10,000 drivers were left jobless and unpaid, while customers are still waiting for wallet refunds despite the 90-day promise. The app remains non-functional, and lenders are now planning to sell off 1,500–2,000 EVs. New players like Evera Cabs are absorbing some of the fleet and drivers. Meanwhile, legal proceedings and a forensic audit are underway.

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