India, March 26 -- "In 10 years, everyone in India should be able to get a BluSmart EV cab within 5 minutes." This is what Anmol Jaggi, cofounder of BluSmart - and chairman and MD of listed company Gensol Engineering - said in a press conference, as recently as February 2025.

It's only been a month, but the turnaround has been swift. Since then, publicly listed Gensol Engineering has come under the scanner due to debt and liquidity issues. And this controversy has also cast a shadow on BluSmart's future.

That's because Gensol was BluSmart's largest fleet supplier till last year, and in turn, BluSmart was Gensol's largest customer. With Gensol now looking to raise INR 600 Cr to fix these issues. It also announced a stock split in the rat...