India, Feb. 24 -- Electric cab-hailing startup BluSmart Mobility reportedly defaulted on INR 30 Cr of bonds 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 secured via non-convertible debentures (NCDs) with a coupon rate of 12% on February 3, Mint reported.

Sources told the daily that the startup made delayed payments to debenture holders due to a cash crunch. While INR 18 Cr was repaid by February 21, the remaining debt was settled by February 22.

However, in a statement sent to Inc42, BluSmart said that there is no cash crunch. The startup said that it paid INR 10 Cr to 160 bondholders on the due date of February 3, while the remaining INR ...