BluSmart fleet on the block, HCL-Foxconn semicon JV
BluSmart fleet on the block, HCL-Foxconn semicon JV
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Also in the letter:
BluSmart lenders put EVs for sale to recover dues; Uber, Evera potential takers
But first:
EVs up for sale:
Who's taking them?
Delhi-based Evera has added 300 of these EVs to its fleet and is in talks to lease another 800-1,000 vehicles.
Uber-backed Everest Fleet is also exploring a deal, but is yet to finalise one.
Also Read:
New chip on the block: UP will host HCL-Foxconn JV
Driving the news:
Tell me more:
Making progress:
These include:
Tata Electronics' fab in Dholera
Micron's assembly, testing, marking, and packaging (ATMP) unit in Sanand
CG Powers' outsourced semiconductor assembly and test (OSAT) facility in Sanand
Kaynes' OSAT in Sanand
Tata Semiconductor Assembly and Test (TSAT) facility in Assam.
Also Read:
Deeptech startups snagged $324 million in first four months of the year
Major deals and investors:
Netradyne: $90M from Qualcomm Ventures, Point72 Ventures
SpotDraft: $54M from Trident Capital
Infinite Uptime: $35M from Tiger Global, GSR Ventures
Tonbo Imaging: $21M from Florintree
What's more:
Other Top Stories By Our Reporters
Capillary Tech buys assets of customer loyalty services firm Kognitiv:
Karnataka HC rejects PhonePe plea in cyber fraud case:
Karnataka eyes gig fund rollout by August end:
Ixigo Q4 net profit doubles, operating revenue up 72%:
Complement 1 raises $16 million:
Global Picks We Are Reading
Lenders and lessors are planning to sell EVs on the BluSmart fleet to recover their dues. This and more in today's ETtech Morning Dispatch.■ Adobe CEO with ETtech■ Karnataka gig fund■ Capillary Tech buys Kognitiv assetsLenders and leasing firms are looking to sell 1,500-2,000 electric vehicles (EVs) that were part of BluSmart's fleet, following the ride-hailing platform's suspension of operations last month.State-owned Indian Renewable Energy Development Agency (Ireda) said on Wednesday it has filed an insolvency petition against Gensol Engineering for defaulting on Rs 510 crore in loans.Ireda had extended loans to Gensol for EV purchases. However, a Sebi interim order in April revealed that Gensol and BluSmart cofounders Anmol Singh Jaggi and Puneet Singh Jaggi diverted those funds for personal use.Banks, Non-Banking Financial Companies, investment platforms, climate-focused lenders, and even high-net-worth individuals are now looking to offload the EVs they financed or leased to BluSmart. Some have already taken possession of the vehicles.India is set to get its sixth semiconductor facility under the India Semiconductor Mission, after the Cabinet greenlit a Rs 3,706 crore plant to be built in Jewar, Uttar Pradesh.Set up as a joint venture between HCL Group and Foxconn, the plant, which will start production in 2027, is projected to create 2,000 jobs. It will produce display driver chips for mobile phones, laptops, automobiles, PCs, and other devices.In March, ET reported the HCL-Foxconn joint venture was also in discussions with Larsen & Toubro (L&T) and Taiwanese giant CTCI to bring on board an EPC (engineering, procurement, and construction) partner for its outsourced semiconductor assembly and testing (OSAT) facility.The recently approved semiconductor facility takes the count of such units in the country to six. Five of them, cleared over the past few years, are in advanced stages of construction.Deeptech investments in India surged in the first four months of 2025 , reaching $324 million across 35 deals, more than double the $156 million raised from 21 deals during the same period in 2024, according to Venture Intelligence Data.Rising commercial applications have boosted investor interest in deeptech startups. Government support for the sector has further strengthened the funding environment. However, growing interest has intensified competition, with smaller players now vying alongside major players.Aneesh Reddy, founder, Capillary TechnologiesThe deal will provide Capillary Tech access to over 30 enterprise clients of Kognitiv, including leading hotel companies in Australia and New Zealand, the UK, the Middle East, and the US, the company said in a news release.'Confidentiality must coexist with accountability,' the court said, dismissing PhonePe's plea challenging cyber police's authority to seek information about its merchants.The state government has sent the Karnataka Platform-based Gig Workers (Social Security and Welfare) Bill 2024 to Raj Bhavan, requesting the issuance of an Ordinance.Le Travenues Technology, the parent company of online travel aggregator Ixigo, experienced a 128% year-on-year increase in net profit to Rs 16.7 crore, while operating revenue surged 72% to Rs 284 crore.WhiteHat Jr founder Karan Bajaj's new healthtech startup, Complement 1, raised $16 million in a seed funding round led by Owl Ventures and Blume Ventures.■ US warns against using Huawei chips 'anywhere in the world' ( FT ■ Elon Musk's Grok AI can't stop talking about 'white genocide' ( Wired ■ Cisco systems boosts outlook after posting higher profit, sales ( WSJ
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