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Nawal
Entrepreneur | Build... • 1m
DOWNFALL OF BLUESMART Once one of the most innovative players in electric vehicle (EV) ride-hailing, BluSmart is now knee-deep in trouble. What went wrong? It started with a bold idea: an all-EV fleet to take on giants like Ola and Uber. Unlike its rivals, BluSmart leased its vehicles, putting a heavy financial load on its shoulders. For a while, it worked-investors poured in money, and customers loved the eco-friendly rides. But things took a turn. The company's parent, Gensol, hit a debt crisis, with credit ratings tanking after default claims. A big deal to sell 3,000 EVs fell apart, leaving BluSmart scrambling to cut losses. Raising new funds became tough without Gensol's support. On top of that, key leaders, including early executives, started leaving, shaking the company's core. Outside pressures made it worse. Rivals like Rapido poached BluSmart's drivers, while Uber began onboarding its EVs, eating into its market. The capital-heavy model-buying and maintaining EVs-proved hard to sustain amid rising costs and competition. BluSmart's vision was inspiring, but execution stumbled. It's a reminder that innovation alone isn't enough-solid finances and adaptability matter just as much. Can BluSmart steer out of this mess? Only time will tell, but for now, it's a bumpy ride
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