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News on Medial
Refex Mobility appoints former Blusmart executive Anirudh Arun as CEO - The Economic Times
Economic Times
·
25d ago
Medial
Refex Mobility has appointed Anirudh Arun, formerly of BluSmart, as CEO. Arun, along with other key executives, previously exited BluSmart amid its debt issues. Refex Mobility has also named Ankit Grover as CBO. Earlier, Refex Industries terminated a deal to acquire EVs from Gensol Engineering. Additionally, Refex increased its stake in its subsidiary Venwind Refex Power Limited to 75.50%, converting a portion of a loan into equity shares.
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Related News
BluSmart CEO and top executives resign amid business revamp
Inshorts
·
5m ago
Medial
BluSmart Mobility's CEO Anirudh Arun, Chief Business Officer Tushar Garg, and Chief Technology Officer Rishabh Sood have resigned. The resignation of Vice President Priya Chakravarthy remains unconfirmed. Nandan Sharma has been appointed as the new CEO. Meanwhile, parent company Gensol Engineering is selling 2,997 EVs to Refex Green Mobility, which will lease them back and assume ₹315 crore loan.
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BluSmart to reroute to Uber as fleet partner amid Gensol-led cash crisis: Report
Business Today
·
4m ago
Medial
BluSmart is transitioning its fleet to Uber amidst financial constraints, including a monthly cash burn of ₹20 crore and loan defaults of ₹9.78 billion. In the first phase, 700-800 cars will be moved. The company, founded by Anmol Singh Jaggi and Puneet Singh Jaggi, seeks $15-20 million in funding from Uber and has raised over $150 million since 2019. Key executives, including Anirudh Arun and Rishabh Sood, have departed recently.
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Refex Industries, Gensol Engineering call off EV deal citing evolving commitments
Economic Times
·
5m ago
Medial
Chennai-based Refex Industries and Gensol Engineering have canceled a deal involving the sale of 2,997 electric vehicles (EVs) due to "evolving commitments." Challenges such as condition concerns of EVs and non-committal lease agreements from BluSmart led to this decision. Refex aimed to manage these EVs, alongside debt, but opted out as the deal’s terms became unfavorable. This impacts Gensol, which faces a debt crisis, seeking ways to alleviate financial pressures.
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IndiGo appoints ex-NITI Aayog CEO Amitabh Kant as non-executive director
IndianStartupNews
·
2m ago
Medial
Low-cost airline IndiGo has appointed former NITI Aayog CEO Amitabh Kant as a non-executive director on its board, pending regulatory and shareholder approvals. Kant, known for initiatives like Make in India, has had a distinguished career in governance reform and sustainability projects. His experience will support IndiGo's international expansion and positioning as a global aviation leader. Kant expressed excitement about contributing to India's transportation revolution and IndiGo's growth in trade, tourism, and economic sectors.
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'Mutually decided not to proceed': Gensol shares update on takeover of EV assets by Refex Green
Business Today
·
5m ago
Medial
Gensol Engineering and Refex Green Mobility Ltd (RGML) have mutually decided not to proceed with the takeover of Gensol's 2,997 electric vehicles, which operate on the BluSmart platform, due to evolving commitments and timeline challenges. Gensol shares have plummeted, suffering a 76.16% drop in 2025, after facing multiple credit downgrades by CARE and ICRA. Concerns about corporate governance arose when documents were found falsified, affecting the company’s credit ratings and investor confidence.
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BluSmart’s Woes Mount as Uber Ends Fleet Partnership Talks
OutlookIndia
·
4m ago
Medial
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.
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B’luru Court Bars Swiggy From Alienating Terminated Exec's ESOP
Inc42
·
10m ago
Medial
Swiggy, the foodtech major, has been restrained by the court from disposing of stock options of a former executive. The executive, Arun Cyril, challenged his termination and the cancellation of his ESOPs. This comes after Swiggy's recently concluded IPO was oversubscribed 3.59 times.
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Paytm Money appoints former AMFI CEO NV Srinivasan on its board
Economic Times
·
1y ago
Medial
Paytm Money, the subsidiary of fintech platform Paytm, has appointed Narasinganallore Venkatesh Srinivasan as a non-executive independent director. Srinivasan previously served as the CEO of the Association of Mutual Funds in India and held senior positions at Lakshmi Vilas Bank and IDBI Bank. The appointment aims to strengthen compliance and governance standards at Paytm Money. Cyrus Khambata, a former executive at Central Depository Services, is the other independent non-executive board member.
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Delhi HC Bars Gensol, BluSmart from Transferring 220 Leased EVs, Appoints Receivers
OutlookIndia
·
4m ago
Medial
The Delhi High Court has restrained Gensol Engineering and BluSmart Mobility from transferring 220 leased electric vehicles, appointing receivers to take control. This legal action, based on the Arbitration and Conciliation Act 1996, prohibits the repossession of vehicles by lessors. The court also mandated Gensol and BluSmart to disclose asset and liability details, following concerns over vehicle subleasing. This is part of a larger lease dispute involving BluSmart Cabs and their financial management.
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BluSmart Appoints Rupa Devi Singh As Independent Director
Inc42
·
10m ago
Medial
BluSmart, the electric vehicle ride-hailing platform, has appointed two independent directors to its board. One of the directors is Inderpreet Singh Wadhwa, the former chairman and CEO of Azure Power. The other director is an industry veteran with 15 years of experience in banking and infrastructure advisory. She has previously held directorship roles at IDBI Capital Markets Ltd, ACME Solar Ltd, and DCB Bank Ltd.
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