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CAN BLUSMART BE RESCUED FROM THE GENSOL SAGA?
Entrepreneur magazine
|May 2025
An Innovation Derailed
In a jolt to India's electric mobility ambitions, EV ride-hailing startup BluSmart suspended services across Delhi NCR, Mumbai, and Bengaluru in April 2025. The company—once hailed as a trailblazer in clean, shared transport—blames the halt on external financial turbulence. But behind the scenes, a more tangled tale of corporate misgovernance is unfolding.
BluSmart's sudden collapse is being seen as collateral damage in the wider fallout of Gensol Engineering Ltd., a partner that supplied its electric vehicles. The trigger: a Securities and Exchange Board of India (SEBI) probe that unearthed a massive fund diversion scandal tied to one of BluSmart's own co-founders.
Gensol's Fall from GraceFounded as a solar EPC and consulting firm, Gensol Engineering evolved into EV leasing and rapidly expanded. But that growth was marred by reckless borrowing—over 1,000 crore by 2024—and alleged financial misconduct.
This story is from the May 2025 edition of Entrepreneur magazine.
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