BluSmart Mobility, India’s pioneering all-electric ride-hailing service, is undergoing a leadership transition while managing financial restructuring efforts. Recently, several top executives, including CEO Anirudh Arun, Chief Business Officer Tushar Garg, Chief Technology Officer Rishabh Sood, and Vice-President of Experience Priya Chakravarthy, stepped down from their roles. Consequently, BluSmart has appointed Nandan Sharma, the former Vice-President of Business and Operations, as its new CEO to steer the company forward.
Strategic Fleet Sale to Manage Debt Burden
BluSmart’s parent company, Gensol Engineering, has decided to sell approximately 34% of BluSmart’s 8,700-vehicle fleet to Refex Green Mobility, a Chennai-based company. As part of this transaction, Refex will assume an existing loan of ₹315 crore, helping BluSmart alleviate its financial burdens. However, this deal remains subject to regulatory approval, which could impact its execution timeline and effectiveness in stabilizing the company’s financial position.
Leadership Expansion Continues Despite Challenges
Despite the executive departures, BluSmart continues to strengthen its leadership team by bringing in experienced professionals. In March 2024, the company appointed Aditi Shukla as President of Corporate Development to lead fundraising and partnership initiatives. Furthermore, in October 2024, BluSmart welcomed Rupa Devi Singh as an Independent Director, leveraging her extensive banking and infrastructure expertise to enhance corporate governance. These appointments signal BluSmart’s intent to reinforce its management capabilities while navigating the evolving electric mobility sector.
Financial Performance: Revenue Growth but Mounting Losses
BluSmart reported a significant increase in revenue, surging from ₹8.1 crore in FY22 to ₹70.9 crore in FY23. However, the company’s net losses also widened, rising from ₹100.4 crore to ₹215.9 crore during the same period. Despite these mounting losses, Co-founder Puneet Singh Jaggi remains optimistic, projecting profitability within the next 6-8 quarters. His confidence reflects the company’s ongoing efforts to optimize costs and expand its operational footprint to achieve sustainable financial health.
BluSmart Dismisses Acquisition Rumors and Focuses on Expansion
Amid industry speculation, BluSmart firmly denied reports suggesting acquisition talks with Uber, reinforcing its commitment to independent growth. Instead of considering buyout options, the company is focusing on scaling its operations, enhancing its service network, and expanding sustainable mobility solutions across India. By prioritizing growth and operational efficiency, BluSmart aims to solidify its position as a leader in the electric vehicle ride-hailing sector.
Looking Ahead: Navigating Uncertain Terrain
As BluSmart embarks on this transformational journey, the next few months will be crucial in shaping its trajectory. With new leadership in place, strategic restructuring efforts underway, and a clear focus on sustainable mobility, BluSmart remains determined to overcome challenges and secure a stronger foothold in the evolving electric vehicle ecosystem.
