8 avr. 2025
Gensol Engineering, BluSmart’s sister concern, witnessed its market cap slide from ₹4,250 crore in May 2024 to now ₹665 crore.
On March 28th, Refex withdrew its deal to buy 2,997 EVs from Gensol.
Gensol, founded in 2012, is a listed solar engineering and construction enterprise. BluSmart, founded in 2019, is its sister concern. Anmol Singh Jaggi founded both companies.
BluSmart’s rise in Delhi-NCR and Bengaluru is attributed to better-quality cabs, punctuality, and well-trained drivers with minimal cancellations. It raised USD24 million in July 2024 from MS Dhoni’s Family Office, ReNew, and Zurich-based responsibility Investments.
BluSmart positioned as a sustainable alternative to Uber and Ola, who hire drivers having their own cars.
Gensol took loans from the Indian Renewable Energy Development Agency (IREDA) to buy EVs, which BluSmart picked up. BluSmart’s profits did not benefit Gensol as they are separate entities. Gensol now has IREDA’s unpaid loans worth ₹470 crores, thus affecting its credit rating, reputation, and share price.
BluSmart entered a leasing partnership with Mahindra & Mahindra, Kinto, and Orix.
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