Leadership Exits, ₹315 Cr Debt Shift & New Leasing Model in BluSmart

BluSmart's four senior executives, including CEO Anirudh Arun and CBO Tushar Garg, have resigned. More exits are expected, but the company has quickly appointed Nandan Sharma, former VP of Business and Operations, as the new CEO to steer BluSmart forward.

At the same time, the company’s parent firm, Gensol Engineering, is restructuring its finances. Gensol is selling nearly 3,000 electric vehicles, which make up 34% of BluSmart’s fleet, to Refex Green Mobility. Refex will lease these vehicles back to BluSmart while also taking over Gensol’s ₹315 Cr. loan. However, this deal is still awaiting regulatory approval.

These changes come at a challenging time, as Gensol’s borrowing status was recently downgraded to default by two rating agencies. Despite this, BluSmart has assured that its ride-hailing services will continue as usual in Delhi-NCR, Bengaluru, and its newly launched Mumbai operations. The company currently runs a network of charging hubs with over 6,300 charging points and completes around seven trips per vehicle daily.

Looking ahead, BluSmart is diversifying its fleet acquisition strategy with a new program called 'BluSmart Assured.' This initiative allows high-net-worth individuals (HNIs) and investors to lease electric vehicles directly to the company, reducing its dependency on large capital investments.