BluSmart cleared its non-convertible debenture (NCD) payments over the weekend. Of a total Rs 30 crore, the Gururgam-based company repaid Rs 18 crore by February 21, and the remaining amount was paid by the next day --- February 22
An electric cab-hailing service provider ‘BluSmart Mobility’ has defaulted on Rs 30 crore worth of bonds in the early days of February 2025 due to cash crunch, according to a report published by Mint. Initially, the payment at a couple rate of 12% was due on February 3.
However, the cab-hailing company cleared its non-convertible debenture (NCD) payments over the weekend. Of a total Rs 30 crore, the Gururgam-based company repaid Rs 18 crore by February 21, and the remaining amount was paid by the next day --- February 22, the report said.
This delay led the NCD trustee to trigger a “cross-default” clause to place the company in default across all obligations. A meeting has been scheduled for March 17, 2025 to address this issue.
The company faced a capital crunch which caused delay in NCD payments. Usually, it has an outstanding NCD repayment of nearly Rs 160 crore. However, half of these payments were due over December and January which caused a temporary cash cruch, the report added. Now, the next repayment is due in November 2025.
BluSmart which offers an EV cab-hailing and charging service in Delhi and Bengaluru, was founded by Anmol Jaggi, Puneet Jaggi and Puneet Goyal in 2019. The company extended its services to Mumbai in January.
Read More | BluSmart Electric Taxi To Ride Across The UAE
The company is backed by BP's venture arm and Zurich-based sustainable investment firm responsibility Investments AG. Despite an 18-month halt in operations due to the COVID-19 pandemic, BluSmart has since expanded to Bengaluru, boasting a fleet of 8,000 EVs, over 10,000 drivers, and nearly 4.2 million app downloads. The company claims to have saved approximately 40,000 tonnes of CO2 emissions till June 2024.
Last year, BluSmart also commenced operations in Dubai, with plans to enter Abu Dhabi market and Saudi Arabia. This move was a part of its broader strategy to capitalise on the UAE’s growing focus on sustainability and green transport.