BluSmart Refutes Claims Of Acquisition By Uber, Calls Them 'Speculative And Unfounded': Report
BluSmart refuted recent claims about its acquisition by Uber, labeling them as entirely “speculative” and “unfounded.” In a statement issued on Sunday, the company asserted, “We categorically deny any discussions or negotiations regarding an acquisition by Uber.” These denials followed media reports suggesting Uber’s plans to expand its EV segment, reported Fortune India. However, no comments were issued from Uber regarding the matter. BluSmart reiterated its commitment to growth, stating, "As India’s leading EV ride-hailing and charging infrastructure platform, BluSmart remained focused on scaling operations, expanding its footprint, and advancing sustainable mobility." Gensol’s Debt Reduction Plan and Financial Challenges While BluSmart dismissed the acquisition rumours, Gensol Engineering, the construction engineering company associated with BluSmart’s co-founder Anmol Singh Jaggi, outlined a significant debt reduction plan. The company revealed its decision to sell nearly 3,000 electric vehicles as part of this strategy. On March 5, Gensol Engineering announced its intention to lower its debt by Rs 665 crore, which included selling 2,997 EVs worth Rs 315 crore along with a subsidiary valued at Rs 350 crore. Some of these vehicle sales could potentially involve Uber. BluSmart currently operates a fleet of over 5,000 electric vehicles, mainly sourced from Tata Motors and MG Motor. These vehicles are owned by Gensol Engineering and leased to BluSmart. The company also sources vehicles from independent owners while managing a network of EV charging stations in the NCR and Bengaluru. Also Read : Ola Electric's Vendor Approaches NCLT Against Subsidiary Over Unpaid Dues, See What The Company Said Gensol's Financial Troubles So Far Notably, on March 13, Gensol approved a Rs 600 crore fundraising plan, which involved raising Rs 400 crore through Foreign Currency Convertible Bonds (FCCBs) and Rs 200 crore via promoter-issued warrants to strengthen its balance sheet. Additionally, the company is also looking to end its leasing arrangement with BluSmart, considering a sale of its vehicles to Chennai-based Refex Industries. Gensol’s financial troubles led to a downgrade in its debt rating by ICRA and CARE. The company’s stock plummeted over 75 per cent from its peak in June 2024. Allegations of document falsification further impacted its reputation, though the company has denied these accusations and set up a review committee to investigate the matter, the report said. Gensol is promoted by BluSmart co-founder Anmol Singh Jaggi, who, alongside fellow co-founder Punit Goyal, owns a 24 per cent stake in BluSmart. Additionally, Jaggi’s brother, Puneet Singh Jaggi, a co-founder of Gensol, reportedly owns a 5.7 per cent stake in the company.
BluSmart refuted recent claims about its acquisition by Uber, labeling them as entirely “speculative” and “unfounded.” In a statement issued on Sunday, the company asserted, “We categorically deny any discussions or negotiations regarding an acquisition by Uber.”
These denials followed media reports suggesting Uber’s plans to expand its EV segment, reported Fortune India. However, no comments were issued from Uber regarding the matter.
BluSmart reiterated its commitment to growth, stating, "As India’s leading EV ride-hailing and charging infrastructure platform, BluSmart remained focused on scaling operations, expanding its footprint, and advancing sustainable mobility."
Gensol’s Debt Reduction Plan and Financial Challenges
While BluSmart dismissed the acquisition rumours, Gensol Engineering, the construction engineering company associated with BluSmart’s co-founder Anmol Singh Jaggi, outlined a significant debt reduction plan. The company revealed its decision to sell nearly 3,000 electric vehicles as part of this strategy.
On March 5, Gensol Engineering announced its intention to lower its debt by Rs 665 crore, which included selling 2,997 EVs worth Rs 315 crore along with a subsidiary valued at Rs 350 crore. Some of these vehicle sales could potentially involve Uber.
BluSmart currently operates a fleet of over 5,000 electric vehicles, mainly sourced from Tata Motors and MG Motor. These vehicles are owned by Gensol Engineering and leased to BluSmart. The company also sources vehicles from independent owners while managing a network of EV charging stations in the NCR and Bengaluru.
Also Read : Ola Electric's Vendor Approaches NCLT Against Subsidiary Over Unpaid Dues, See What The Company Said
Gensol's Financial Troubles So Far
Notably, on March 13, Gensol approved a Rs 600 crore fundraising plan, which involved raising Rs 400 crore through Foreign Currency Convertible Bonds (FCCBs) and Rs 200 crore via promoter-issued warrants to strengthen its balance sheet.
Additionally, the company is also looking to end its leasing arrangement with BluSmart, considering a sale of its vehicles to Chennai-based Refex Industries.
Gensol’s financial troubles led to a downgrade in its debt rating by ICRA and CARE. The company’s stock plummeted over 75 per cent from its peak in June 2024.
Allegations of document falsification further impacted its reputation, though the company has denied these accusations and set up a review committee to investigate the matter, the report said.
Gensol is promoted by BluSmart co-founder Anmol Singh Jaggi, who, alongside fellow co-founder Punit Goyal, owns a 24 per cent stake in BluSmart. Additionally, Jaggi’s brother, Puneet Singh Jaggi, a co-founder of Gensol, reportedly owns a 5.7 per cent stake in the company.
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