BluSmart May Face EV Fleet Loss as Lessors Seek New Buyers

Crisis-hit BluSmart may soon lose its electric vehicles fleet as some leasing companies have started looking for sellers who can buy around 1,500-2,000 EVs, according to The Economic Times report. These vehicles are listed on the ride-hailing platform that suspended operations last month due to ongoing financial and legal hurdles.

These leasing companies include banks, investment platforms, wealthy individuals, and climate financing institutions. It stated that some of them have already claimed possession of EVs leased to BluSmart, while others want to lease the vehicles to other operators to recover money.

As per ET reports, all-electric taxi service platform Evera and Uber-backed Everest Fleet have shown up to become potential buyers of these vehicles. Evera has already purchased 300 EVs and will add more after the deal finalises, while Everest Fleet is in discussions to acquire some cars, the report added.

Legal Tussle Over EV Ownership

Several lessors like Clime Finance, SMAS Auto, Shefasteq OPC, and Orix Leasing have even taken a legal route to prevent BluSmart and Gensol Engineering from transferring any third-party rights over the vehicles they had leased, the report said. They have approached the Delhi High Court for the same.

The court had already refrained Gensol and BluSmart from selling or transferring 220 additional electric vehicles leased from Smas Auto leasing India Pvt ltd and Shefastaq OPC. It appointed receivers to ensure their upkeep.

The apex court also declined to permit the lessors to repossess the vehicles as such relief exceeds the scope of Section 9 of the Arbitration and Conciliation Act 1996, which allows only interim measures to preserve assets pending arbitration.

BluSmart May Revive

Investors in BluSmart are engaged in discussions to buy out promoter Anmol Singh Jaggi in an effort to revive the ride-hailing company, Mint had reported. Due diligence and valuation studies are nearly complete, and some legal issues concerning the transfer of shares from the Jaggis are being resolved, the report said.

Investors led by BP Ventures are in advanced talks to take over the company, sources told Mint. These investors also own stakes in BluSmart and Gensol Engineering Ltd, Jaggi’s other company.

According to Tracxn, as of February 2025 promoters held approximately 23.98% of BluSmart, with the remaining shares owned by investors including SoftBank, Mayfield India Fund, 100 Unicorns and responsAbility, as well as celebrities such as actor Deepika Padukone and cricketer M S Dhoni.

If the transaction is completed, it will secure investors’ funds, maintain drivers’ employment and return BluSmart’s blue-and-white electric cabs to the streets. It would also mark the complete exit of the Jaggis from the company they founded six years ago.

Investors plan to purchase Jaggi’s shares at par, request private lenders to write off a portion of the loans and inject additional funds to resume operations. BluSmart owes a significant portion of its Rs 850 crore financing to Gensol.