March 26th, 2025
BluSmart Mobility, India’s all-electric ride-hailing service, is experiencing a major leadership shakeup amid ongoing financial restructuring efforts. CEO Anirudh Arun has stepped down along with several other top executives, signaling deeper troubles for the once-promising EV transportation startup.
The company confirmed that Chief Business Officer Tushar Garg, Chief Technology Officer Rishabh Sood, and Vice-President of Experience Priya Chakravarthy have also exited. Nandan Sharma, previously serving as Vice-President of Business and Operations, has been appointed as the new CEO.
This leadership exodus comes at a critical juncture for BluSmart, which is currently restructuring its operations to improve its financial position. Industry insiders suggest more departures may follow in the coming days.
Fleet Restructuring Under Financial Pressure
A key component of BluSmart’s restructuring involves its parent company, Gensol Engineering, selling 2,997 electric vehicles—approximately 34% of BluSmart’s 8,700-vehicle fleet—to Chennai-based Refex Green Mobility. This transaction, which includes Refex assuming Gensol’s existing loan of Rs 315 crore, is still awaiting regulatory approvals.
The company has publicly maintained that these changes will not impact its ride-hailing services in Delhi-NCR, Bengaluru, and Mumbai. However, the restructuring comes as Gensol Engineering faces its own financial challenges, with two rating agencies recently downgrading its borrowing status to default.
Acquisition Rumors and Denials
Adding to the uncertainty surrounding BluSmart’s future, reports emerged earlier this month suggesting that Uber was in early talks to acquire the company. BluSmart quickly issued a categorical denial, calling these reports “purely speculative and unfounded.”
“We categorically deny any discussions or negotiations regarding an acquisition by Uber,” a BluSmart spokesperson stated. “As India’s leading EV ride-hailing and charging infrastructure platform, BluSmart remains focused on scaling operations, expanding its footprint, and advancing sustainable mobility.”
Despite the denial, industry observers note that Uber has been actively expanding its EV presence in India, recently announcing partnerships with various electric vehicle manufacturers and fleet operators to deploy 25,000 electric cars on its platform within the next two years.
Financial Reality Check
BluSmart currently generates monthly revenue of Rs 70 crore, translating to an annual run rate of Rs 840 crore. However, financial data reveals a concerning trend: while revenue surged from Rs 8.1 crore in FY22 to Rs 70.9 crore in FY23, net losses more than doubled from Rs 100.4 crore to Rs 215.9 crore during the same period.
The company has been attempting to diversify its vehicle acquisition strategy through initiatives like the ‘BluSmart Assured’ leasing program, which allows high-net-worth individuals and investors to lease EVs directly to the company. This program has already placed nearly 1,000 cars worth approximately Rs 150 crore into BluSmart’s operational fleet.
Despite these challenges, co-founder Puneet Singh Jaggi has expressed confidence that BluSmart will achieve profitability within the next “6-8 quarters.” However, with mounting financial pressures, leadership changes, and industry speculation, BluSmart faces a challenging road ahead in India’s competitive ride-hailing landscape.
