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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
- 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'.
Entrepreneur
05-05-2025
- Automotive
- Entrepreneur
Evera Accelerates EV Cab Growth by Acquiring 500 BluSmart Vehicles Post Suspension
The company is eyeing a pipeline of 1,000 BluSmart cabs, underscoring its ambition to lead clean urban mobility with speed and scale. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Evera Cabs, operated by Prakriti E-Mobility, is rapidly solidifying its leadership in India's electric cab segment by repossessing 500 electric vehicles previously operated by BluSmart, following the latter's service suspension in major metros. So far, Evera has reclaimed 220 vehicles, with another 280 expected in the coming days, marking a strategic shift in the electric mobility landscape. This development comes in the wake of BluSmart halting operations across key cities including Delhi, Mumbai, and Bengaluru—creating a vacuum in the EV cab space. Evera has seized the opportunity, initiating a multi-phase strategy to absorb BluSmart's EV assets through lenders, fortifying its dominant presence across NCR and especially at Indira Gandhi International Airport. "What we're executing is not just a scale-up, it's a realignment of the electric mobility narrative in India. As key players recalibrate, Evera is stepping forward with clear intent, absorbing proven EV assets and trusted drivers to ensure uninterrupted service across key routes," said Nimish Trivedi, Co-founder and CEO of Evera. "Our commitment is to ensure zero disruption for commuters and to elevate their experience through seamless service, operational depth, and an uncompromising focus on sustainability." With five years of experience in the B2B EV cab market and assured airport services since 2022, Evera is now aggressively expanding its fleet. The company is eyeing a pipeline of 1,000 BluSmart cabs, underscoring its ambition to lead clean urban mobility with speed and scale. Its hallmark features—including surge-free pricing, zero cancellations, and customer-centric service—position it as a resilient alternative to conventional cab aggregators. A critical part of this transition is Evera's emphasis on inclusive driver recruitment. Already, around 150 former BluSmart drivers have joined its ranks, with 10% being women—reflecting the company's values around sustainable and inclusive growth. Previously operating only from Terminal 3 at Delhi airport, Evera is now extending its service to all terminals, ensuring faster availability and improved service turnaround for travelers. This full-terminal deployment boosts passenger convenience while enhancing operational efficiency. Evera is an all-electric, app-based cab service specialising in airport-centric mobility across Delhi-NCR. Operated by Prakriti E-Mobility, the company integrates sustainability with premium customer experience through a fleet of electric vehicles and trained drivers. It caters to both B2B and B2C segments, helping commuters make eco-conscious choices without compromising on reliability or comfort.
