Major Reorganisation of BluSmart with CEO Departure and INR 315 Cr Deal

BluSmart Mobility has seen several high-profile exits and is currently going through a significant operational reorganisation to strengthen its financial stability. As per the recent reports in the media, its Vice-President Priya Chakravarthy, Chief Business Officer Tushar Garg, Chief Technology Officer Rishabh Sood, and Chief Executive Officer (CEO) Anirudh Arun have all resigned from their positions. According to the reports, which cited sources, Nandan Sharma, who was previously the Vice-President of Business and Operations, has been named the new CEO.

As Gensol Engineering, BluSmart's parent business, works to terminate its current lease agreements, the taxi service provider is restructuring its business. Gensol is selling 2,997 electric cars to Refex Green Mobility, a company based in Chennai, as part of this new revamping strategy. These cars, which make up 34% of BluSmart's 8,700 EV fleet overall, will be leased back to the ride-hailing company. Refex would also take up Gensol's current INR 315 crore loan. According to the news report, regulatory permissions are still pending for this acquisition. BluSmart has promised that its ride-hailing business will not be impacted by these structural adjustments.

Gensol Engineering: Navigating Through Financial Roadblocks

Given Gensol Engineering's recent financial failures, the leadership changes occur at a critical juncture. The company's reorganisation efforts are under much more strain now that two rating agencies have reduced its borrowing status to default. BluSmart has just expanded to Mumbai and now operates in Mumbai, Bengaluru and Delhi-NCR. According to the company, its fleet makes seven trips on average every day and is backed by a network of 50 charging hubs that house more than 6,300 charging stations. Last year, BluSmart launched the 'BluSmart Assured' leasing scheme to support its fleet expansion. Through this programme, investors and high-net-worth individuals can lease electric cars straight from the business. The scheme has so far added about 1,000 EVs to BluSmart's fleet, valued at INR 150 crore.

Present Financial Outlook

In an interview with a prominent media outlet, Anmol Jaggi, the founder of Gensol Group and co-founder of BluSmart Mobility, stated that the company presently brings in INR 70 crore each month, or INR 840 crore annually. Out of the company's total debt of INR 980 crore, as of March 2025, INR 280 crore is its outstanding net debt. Tracxn data indicates that BluSmart's revenue in FY23 was INR 70.9 crore, up from Rs 8.1 crore in FY22. But over the same time period, net losses also increased, rising from INR 100.4 crore to INR 215.9 crore. Jaggi has reaffirmed the company's commitment to becoming profitable in the upcoming "6-8 quarters."