Top Executives Exit BluSmart Amidst Funding Woes and Gensol's Financial Crisis

Top Executives Exit BluSmart Amidst Funding Woes and Gensol's Financial Crisis

In another blow to India’s electric mobility sector, several top executives at EV ride-hailing platform BluSmart have resigned from their positions as the company undergoes internal restructuring and grapples with financial uncertainty. These developments come at a time when Gensol Engineering, BluSmart’s key vehicle leasing partner, is dealing with a severe liquidity crunch.

Leadership Exodus at BluSmart

According to sources, BluSmart CEO Anirudh Arun, Chief Business Officer Tushar Garg, and Chief Technology Officer Rishabh Sood have all tendered their resignations and are currently serving notice periods. The news was first reported by The Morning Context.

Additionally, Priya Chakravarthy, Vice President of Experience, and Avi Katyal, Vice President of Business Development and Operations, are also reportedly in the process of exiting the firm. IndyaStory has reached out to BluSmart for official comment and will update this post as soon as a response is received.

These high-profile exits suggest deeper internal issues within BluSmart at a time when investor confidence appears to be waning.

Gensol Engineering: The Underlying Link

At the center of BluSmart’s operations is Gensol Engineering, a renewable energy firm that owns around 5,000 electric vehicles leased to BluSmart. BluSmart’s total fleet size is approximately 8,000 EVs, making Gensol a critical pillar of its infrastructure.

Notably, two of BluSmart’s co-founders—Anmol Singh Jaggi and Puneet Singh Jaggi—are also key promoters of Gensol. Over the last year, Gensol raised more than ₹600 crore in 2023 to purchase 5,000 passenger EVs and 1,000 cargo EVs, which were later leased to BluSmart, reportedly at discounted rates.

However, Gensol is now embroiled in multiple controversies, including allegations of fund diversion, fabricated lender letters, and loan defaults. These issues have severely impacted its reputation and financial standing, and the fallout is now visibly affecting BluSmart.

BluSmart Restructuring Amidst Uncertainty

According to a recent report in The Economic Express, BluSmart is in the middle of a corporate restructuring effort, aimed at reducing costs and streamlining its financials. As part of this exercise, the company has also shut down its Dubai operations, choosing instead to refocus efforts on its Indian market.

While there have been murmurs of Uber Technologies exploring an acquisition of BluSmart, co-founder Anmol Singh Jaggi has publicly denied such discussions, stating that no acquisition talks are underway.

BluSmart is also reportedly experimenting with deploying 300 EVs on Uber’s platform in India, a move likely intended to test the feasibility of operating as a fleet partner rather than a standalone ride-hailing app.

Resignations Extend to Gensol Engineering

It’s not just BluSmart facing internal churn. Gensol Engineering, too, is seeing a growing number of leadership exits. Earlier this month, Rajesh Jain, an independent director on Gensol’s board, stepped down from his role.

In his resignation letter dated March 13, submitted to the NSE, Jain pointed out that while the company’s promoters are focused on growth, there is a need for external mentorship or advisory guidance.

“There is much to cater to, in the company. Whilst promoters are well focused on business growth, there may be a need for a mentor/advisor to provide necessary guidance in such a fast growth environment,” Jain wrote.

 

The Bigger Picture

BluSmart’s executive exits and restructuring efforts come at a critical juncture—not just for the company, but for India’s electric mobility ecosystem as a whole. The firm was seen as a promising alternative to traditional ride-hailing platforms with a strong emphasis on sustainability. However, its deep financial ties with Gensol Engineering, now under regulatory investigation, have made the path forward increasingly uncertain.

As both companies navigate regulatory scrutiny, financial setbacks, and loss of leadership, the coming months will be crucial in determining whether BluSmart can stabilize its operations and sustain investor trust—or follow the downward spiral currently plaguing Gensol.