India, Feb. 24 -- Electric cab-hailing startup BluSmart Mobility is reportedly grappling with a cash crunch, which caused the Delhi NCR-based company to default on INR 30 Cr of debt in early February.

BluSmart, which is in the middle of raising about INR 434 Cr in its Series B funding round, was required to repay INR 30 Cr with a coupon rate of 12% it secured via non-convertible debentures (NCDs) by February 3, Mint reported.

However, sources told the daily that the BlackSoil-backed company made delayed payments to debenture holders. While INR 18 Cr was repaid by February 21, the remaining debt was settled by February 22.

"It was a capital crunch and a lumpy payment schedule which caused the delay [in repayment]. The company typically ...