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Time of India
16-05-2025
- Automotive
- Time of India
BluSmart collapse sparks EV sell-off: Lenders race to recover dues by offloading 1500-2000 vehicles
Indian ride-hailing company BluSmart suspended its operations last month, prompting lenders and leasing firms to begin recovering dues by selling or leasing the electric vehicles they had financed. These lenders include banking, non-banking financial corporations, investment platforms, climate focused financers and other individuals of high net worth who now plan to offload 1500 to 2000 electric vehicles. Several lenders have already taken possession of the vehicles, while others are still in the process of reclaiming assets. The company had shut operations indefinitely after it failed to secure fresh funding, amid serious allegations of financial misconduct involving its founders, as per sources familiar with the matter, quoted by ET. Alternative riding services emerge as takers Delhi-based all-electric taxi service Evera and Uber-backed Everest Fleet have emerged as key contenders to acquire or lease chunks of these EVs. Evera has already added 300 of the repossessed cars to its fleet and is currently in talks to lease an additional 800–1,000 vehicles. Everest Fleet has also initiated discussions but has yet to finalise a deal. 'There is a section of lessors who are in the business of leasing these cars, and they will find takers…but financial institutions like banks that want to recover their money want to sell these vehicles,' a source familiar with the matter told ET, adding 'several small fleet operators are also being approached.' Commenting on the ongoing recovery and redeployment efforts, Nimish Trivedi, co-founder and CEO of Evera, said, 'we are busy getting these assets back on the road, and multiple lenders are having discussions with us,' adding that they have finalised many agreements and are currently looking at strengthening airport operations with this fleet. Siddharth Ladsariya, founder and CEO of Everest Fleet said, 'as we look ahead, we will continue to take a measured approach aligned with operational viability and sector wide progress.' Before Sebi's clampdown, Gensol Engineering had also signed a deal to sell 2,997 EVs to Chennai-based Refex Industries. However, the deal fell through on March 28, due to the conditions requiring the EVs to remain listed on BluSmart and disagreements over lease rentals. Officially, the companies attributed the cancellation to 'evolving commitments'. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Economic Times
15-05-2025
- Automotive
- Economic Times
Nearly 2,000 BluSmart EVs on the block as lenders, lessors look to recover money
Lenders and leasing companies are looking to sell 1,500-2,000 electric vehicles which were listed on BluSmart, the ride-hailing platform that last month suspended operations indefinitely after failing to raise funds amid allegations of financial irregularities against its founders, people familiar with the matter and non-banking financial companies, investment platforms, climate financing institutions and even wealthy individuals are among those looking to sell these EVs they have financed or leased to BluSmart to recover their money, the people said. Some of them have already claimed possession of the vehicles. Leasing companies are also open to lease the vehicles to other operators. Companies such as Delhi-based all-electric taxi service Evera and Uber-backed Everest Fleet have emerged as potential takers for blocks of these cars. While Evera has already taken 300 EVs in its fleet, it is in discussions to lease another 800-1,000 vehicles. Everest Fleet has also been in talks to acquire some of these cars, but hasn't closed a deal yet.'There is a section of lessors who are in the business of leasing these cars, and they will find takers…but financial institutions like banks that want to recover their money want to sell these vehicles,' a person briefed on the developments said, adding: 'Several small fleet operators are also being approached.' Multiple lessors including Japan's Orix Leasing, Delhi-based Clime Finance, automotive leasing firm SMAS Auto Leasing and Bengaluru-based Shefasteq OPC Pvt Ltd have moved the Delhi High Court to prevent BluSmart or its associated entity, Gensol Engineering, from creating any third-party rights on the vehicles they had supplied. 'We are busy getting these assets back on the road, and multiple lenders are having discussions with us,' said Nimish Trivedi, cofounder and chief executive of EV taxi service Evera. 'We have finalised many agreements and are currently looking at strengthening airport operations with this fleet.' Also Read: Ireda files insolvency plea against Gensol over Rs 510 crore defaultEverest Fleet said the company is closely working with BluSmart's lenders and is evaluating the health and pricing of these vehicles. "As we look ahead, we will continue to take a measured approach aligned with operational viability and sector wide progress," founder and CEO Siddharth Ladsariya told operational, BluSmart had around 8,000 electric cars in its fleet. Close to 5,000 of the vehicles were owned or leased from lessors by Gensol Engineering — these were then leased or sub-leased to BluSmart. The ride-hailing company also owned a few hundred EVs. ET on April 21 reported that Power Finance Corp and Indian Renewable Energy Development Agency were considering a plan to auction the EVs that the company had acquired by taking loans from the two public sector financial institutions. The developments follow action by the Securities and Exchange Board of India, which barred BluSmart cofounders Anmol Singh Jaggi and Puneet Singh Jaggi from accessing the securities markets over allegations of fund siphoning and document forgery in their solar engineering, procurement and construction firm, Gensol and its cofounder Anmol Singh Jaggi did not respond to an email seeking comment. Also Read: Jaggi brothers resign from Gensol Engineering on Sebi order Depreciating assets Industry players in the EV sector say unless the parked assets are brought back into operation, they risk losing all value and becoming unusable.'The situation on the ground remains that, if the batteries are not charged or put to use, and the cars are not driven, their performance will deteriorate and eventually they will become a liability,' a person in the EV space who are interested in buying these EVs are probably waiting for the prices to drop. 'All the traditional players in Delhi are looking at a value which is probably just 10% of the asset cost,' the person added. Meanwhile, following the suspension of its operations in April, BluSmart began transitioning into becoming a fleet operator for rival ride-hailing platform Uber, ET reported first on April 14. Prior to the Sebi order, Gensol Engineering had entered into an agreement with Chennai-based Refex Industries to sell 2,997 EVs to the latter but the deal was called off on March 28. According to sources in the know, the deal was called off primarily because of the condition that the EVs must be listed on BluSmart, in addition to the ride-hailing company being non-committal on paying higher lease rentals than it did to Gensol Engineering. Officially, the companies had said at the time that the deal was terminated because of 'evolving commitments'.
Time of India
15-05-2025
- Automotive
- Time of India
Nearly 2,000 BluSmart EVs on the block as lenders, lessors look to recover money
Lenders and leasing companies are looking to sell 1,500-2,000 electric vehicles which were listed on BluSmart , the ride-hailing platform that last month suspended operations indefinitely after failing to raise funds amid allegations of financial irregularities against its founders, people familiar with the matter said. Banks and non-banking financial companies, investment platforms, climate financing institutions and even wealthy individuals are among those looking to sell these EVs they have financed or leased to BluSmart to recover their money, the people said. Some of them have already claimed possession of the vehicles. Leasing companies are also open to lease the vehicles to other operators. Companies such as Delhi-based all-electric taxi service Evera and Uber-backed Everest Fleet have emerged as potential takers for blocks of these cars. While Evera has already taken 300 EVs in its fleet, it is in discussions to lease another 800-1,000 vehicles. Everest Fleet has also been in talks to acquire some of these cars, but hasn't closed a deal yet. 'There is a section of lessors who are in the business of leasing these cars, and they will find takers…but financial institutions like banks that want to recover their money want to sell these vehicles,' a person briefed on the developments said, adding: 'Several small fleet operators are also being approached.' Multiple lessors including Japan's Orix Leasing , Delhi-based Clime Finance, automotive leasing firm SMAS Auto Leasing and Bengaluru-based Shefasteq OPC Pvt Ltd have moved the Delhi High Court to prevent BluSmart or its associated entity, Gensol Engineering , from creating any third-party rights on the vehicles they had supplied. 'We are busy getting these assets back on the road, and multiple lenders are having discussions with us,' said Nimish Trivedi, cofounder and chief executive of EV taxi service Evera. 'We have finalised many agreements and are currently looking at strengthening airport operations with this fleet.' Everest Fleet said the company is closely working with BluSmart's lenders and is evaluating the health and pricing of these vehicles. "As we look ahead, we will continue to take a measured approach aligned with operational viability and sector wide progress," founder and CEO Siddharth Ladsariya told ET. When operational, BluSmart had around 8,000 electric cars in its fleet. Close to 5,000 of the vehicles were owned or leased from lessors by Gensol Engineering — these were then leased or sub-leased to BluSmart. The ride-hailing company also owned a few hundred EVs. ET on April 21 reported that Power Finance Corp and Indian Renewable Energy Development Agency were considering a plan to auction the EVs that the company had acquired by taking loans from the two public sector financial institutions. The developments follow action by the Securities and Exchange Board of India, which barred BluSmart cofounders Anmol Singh Jaggi and Puneet Singh Jaggi from accessing the securities markets over allegations of fund siphoning and document forgery in their solar engineering, procurement and construction firm, Gensol Engineering. BluSmart and its cofounder Anmol Singh Jaggi did not respond to an email seeking comment. Depreciating assets Industry players in the EV sector say unless the parked assets are brought back into operation, they risk losing all value and becoming unusable. 'The situation on the ground remains that, if the batteries are not charged or put to use, and the cars are not driven, their performance will deteriorate and eventually they will become a liability,' a person in the EV space said. People who are interested in buying these EVs are probably waiting for the prices to drop. 'All the traditional players in Delhi are looking at a value which is probably just 10% of the asset cost,' the person added. Meanwhile, following the suspension of its operations in April, BluSmart began transitioning into becoming a fleet operator for rival ride-hailing platform Uber , ET reported first on April 14. Prior to the Sebi order, Gensol Engineering had entered into an agreement with Chennai-based Refex Industries to sell 2,997 EVs to the latter but the deal was called off on March 28. According to sources in the know, the deal was called off primarily because of the condition that the EVs must be listed on BluSmart, in addition to the ride-hailing company being non-committal on paying higher lease rentals than it did to Gensol Engineering. Officially, the companies had said at the time that the deal was terminated because of 'evolving commitments'.
Time of India
15-05-2025
- Business
- Time of India
BluSmart fleet on the block, HCL-Foxconn semicon JV
BluSmart fleet on the block, HCL-Foxconn semicon JV Want this newsletter delivered to your inbox? 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 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 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 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 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 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 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) 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 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 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 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 state government has sent the Karnataka Platform-based Gig Workers (Social Security and Welfare) Bill 2024 to Raj Bhavan, requesting the issuance of an 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 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
Time of India
15-05-2025
- Automotive
- Time of India
Nearly 2,000 BluSmart EVs on the block as lenders, lessors look to recover money
Lenders and leasing companies are looking to sell 1,500-2,000 electric vehicles which were listed on BluSmart , the ride-hailing platform that last month suspended operations indefinitely after failing to raise funds amid allegations of financial irregularities against its founders, people familiar with the matter said. Banks and non-banking financial companies, investment platforms, climate financing institutions and even wealthy individuals are among those looking to sell these EVs they have financed or leased to BluSmart to recover their money, the people said. Some of them have already claimed possession of the vehicles. Leasing companies are also open to lease the vehicles to other operators. Companies such as Delhi-based all-electric taxi service Evera and Uber-backed Everest Fleet have emerged as potential takers for blocks of these cars. While Evera has already taken 300 EVs in its fleet , it is in discussions to lease another 800-1,000 vehicles. Everest Fleet has also been in talks to acquire some of these cars, but hasn't closed a deal yet. 'There is a section of lessors who are in the business of leasing these cars, and they will find takers…but financial institutions like banks that want to recover their money want to sell these vehicles,' a person briefed on the developments said, adding: 'Several small fleet operators are also being approached.' Multiple lessors including Japan's Orix Leasing , Delhi-based Clime Finance, automotive leasing firm SMAS Auto Leasing and Bengaluru-based Shefasteq OPC Pvt Ltd have moved the Delhi High Court to prevent BluSmart or its associated entity, Gensol Engineering , from creating any third-party rights on the vehicles they had supplied. Live Events 'We are busy getting these assets back on the road, and multiple lenders are having discussions with us,' said Nimish Trivedi, cofounder and chief executive of EV taxi service Evera. 'We have finalised many agreements and are currently looking at strengthening airport operations with this fleet.' Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories Also Read: Ireda files insolvency plea against Gensol over Rs 510 crore default Everest Fleet said the company is closely working with BluSmart's lenders and is evaluating the health and pricing of these vehicles. "As we look ahead, we will continue to take a measured approach aligned with operational viability and sector wide progress," founder and CEO Siddharth Ladsariya told ET. When operational, BluSmart had around 8,000 electric cars in its fleet. Close to 5,000 of the vehicles were owned or leased from lessors by Gensol Engineering — these were then leased or sub-leased to BluSmart. The ride-hailing company also owned a few hundred EVs. ET on April 21 reported that Power Finance Corp and Indian Renewable Energy Development Agency were considering a plan to auction the EVs that the company had acquired by taking loans from the two public sector financial institutions. The developments follow action by the Securities and Exchange Board of India, which barred BluSmart cofounders Anmol Singh Jaggi and Puneet Singh Jaggi from accessing the securities markets over allegations of fund siphoning and document forgery in their solar engineering, procurement and construction firm, Gensol Engineering. BluSmart and its cofounder Anmol Singh Jaggi did not respond to an email seeking comment. Also Read: Jaggi brothers resign from Gensol Engineering on Sebi order Depreciating assets Industry players in the EV sector say unless the parked assets are brought back into operation, they risk losing all value and becoming unusable. 'The situation on the ground remains that, if the batteries are not charged or put to use, and the cars are not driven, their performance will deteriorate and eventually they will become a liability,' a person in the EV space said. People who are interested in buying these EVs are probably waiting for the prices to drop. 'All the traditional players in Delhi are looking at a value which is probably just 10% of the asset cost,' the person added. Meanwhile, following the suspension of its operations in April, BluSmart began transitioning into becoming a fleet operator for rival ride-hailing platform Uber , ET reported first on April 14. Prior to the Sebi order, Gensol Engineering had entered into an agreement with Chennai-based Refex Industries to sell 2,997 EVs to the latter but the deal was called off on March 28. According to sources in the know, the deal was called off primarily because of the condition that the EVs must be listed on BluSmart, in addition to the ride-hailing company being non-committal on paying higher lease rentals than it did to Gensol Engineering. Officially, the companies had said at the time that the deal was terminated because of 'evolving commitments'.
