US-based ride-hailing platform Uber Technologies has started discussions about acquiring BluSmart Mobility to expand its presence in India’s electric cabs market, according to The Economic Times. For this, Uber is evaluation BluSmart’s assets, especially the electric vehicle fleet.
The acquisition deal discussions came after BluSmart cofounder Anmol Singh Jaggi who promoted a solar engineering procurement and construction company, Gensol Engineering, started facing liquidity issues.
Jaggi has refuted the acquisition talks, calling it “purely speculative and unfounded”. He said BluSmart remains focused on its expansion and advanced sustainable mobility.
Currently, BluSmart runs an all-electric fleet of over 5,000 vehicles across three regions, Delhi NCR, Bengaluru, and Mumbai. Besides India, it also operates in Dubai. BluSmart has taken these EVs on lease from Gensol Engineering which is reportedly terminating its agreement now. Instead, the company is planning to sell the vehicles to Chennai-based Refex Industries, the report said.
BluSmart is backed by BP’s venture arm and Zurich-based sustainable investment firm responsibility Investments AG. It was founded by Anmol Jaggi, Puneet Jaggi, and Puneet Goyal in 2019.
BluSmart’s Rs 30 Crore Debt Repayment
BluSmart Mobility has defaulted on Rs 30 crore worth of bonds in the early days of February 2025 due to cash crunch, Mint reported. Initially, the payment of a couple rate of 12% was due on February 3. However, the cab-hailing company cleared its non-convertible debenture (NCD) payments after a few days. Of a total Rs 30 crore, the Gurugram-based company repaid Rs 18 crore by February 21, and the remaining amount was paid by the next day.
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.
