India, March 27 -- How BluSmart's Closest Ally Became Its Biggest Risk

When ICRA downgraded Gensol Engineering's ratings to 'Junk' earlier this month, it didn't just trigger a stock market free fall but also made EV ride-hailing startup BluSmart its collateral damage.

But, What's The Gensol Connection: BluSmart wasn't just Gensol's key leasing customer. Gensol's promoters - brothers Anmol and Puneet Jaggi as founders - hold significant influence on three subsidiaries running BluSmart's operations.

So, How Gensol Became BluSmart's Biggest Risk? Until early 2025, BluSmart sourced nearly a third (3,000) of its 8,500-vehicle fleet from Gensol. This changed when Gensol transferred fleet ownership to Refex in exchange for clearing INR 315 Cr...