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Jayant Mundhra
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Dexter Capital Advisors • 5m
Blusmart founder’s listed entity, Gensol, has claimed that it has received 30k pre-bookings for its three-wheel car, which was recently displayed at Bharat Auto Expo 🙏🙏 While that’s making much noise, I am not as enthused about it for two reasons (not that it matters). .. First, when Ola unveiled its scooter, it had received 1L+ prebookings in the first 24 hours. Three months later, it started deliveries. The company took 15 months to reach a total sales target of one lakh scooters. The problem? 1> The pre-booking amount was just Rs 500 - It’s kept low by everyone in the industry because, firstly, it’s easy to get people to pay, and secondly, because it’s easy to fudge and build a marketable number 2> Once the initial few scooters were out in the market, the problems became public. Hence, many of these prebookings never turned into bookings. .. Second. The company has stated clearly that it has received the 30k pre-bookings from fleet operators. However, it did not state which ones. This is important because Gensol currently operates many of its vehicles through just one fleet operator. Promoter’s Blusmart (~75% of all its cars have been leased from Gensol alone) 🙏🙏 The promoter has long said that Blusmart will deploy Gensol’s 3-wheel car for ride-hailing operations. Thus, the question is, is there any other fleet operator? Because, to be utmost frank, every other fleet operator is a competitor and has been investing in 4-wheel cars - real cars and not fancy air-conditioned autos. Also, when unveiled at Bharat Expo, the car called Ezio was all in Blusmart's theme livery except the logo (pic attached) 😅😅 .. Thus, I may be wrong. But, I believe pre-bookings don’t mean much, and the real deal will only be known once the people know it for real - Which fleet operators beyond Blusmart have placed orders - IF AT ALL. Currently, the promoter seems to be using one company’s balance sheet to grow orders for another’s 3-wheel autos (being marketed as cars) 🙏🙏 And between Blusmart and Gensol, there has been a rich history of such deals, which I’ve covered in multiple deepdives in the past. ..
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