EV ride-hailing firm BluSmart’s senior execs to exit firm
The exits come as Gensol Engineering, the company BluSmart has leased vehicles from, is facing a liquidity crunch.
Several of BluSmart’s senior executives have one foot out the door amidst funding troubles at the EV ride-hailing startup.
Top management executives, including BluSmart’s CEO Anirudh Arun, chief business officer Tushar Garg, and chief technology officer Rishabh Sood, have handed in their resignations and are currently serving their respective notice periods, according to a source YourStory spoke to.
The Morning Context was the first to report on this matter. According to the report, vice-president of experience Priya Chakravarthy and vice-president of business development and operations Avi Katyal have also reportedly left or are in talks to leave.
YourStory has sent queries to BluSmart and will update the story with the company’s responses.
According to a recent report by Financial Express, the company is restructuring its operations as it looks to streamline its financials. A key part of the restructuring involves Gensol Engineering—a company run by two of BluSmart’s founders, Anmol Singh Jaggi and Puneet Singh Jaggi.
BluSmart has leased around 5,000 cars from Gensol. For context, the firm has around 8,000 cars in its fleet.
According to a previous TMC report, BluSmart was able to lease vehicles from Gensol at a discounted rate. Gensol had raised more than Rs 600 crore in 2023 to buy 5,000 passenger EVs and 1,000 cargo EVs.
BluSmart had also shut down its Dubai operations to refocus on India amidst reports on US-based Uber Technologies being in early discussions with BluSmart to acquire the company. However, Jaggi told FE, that there is no truth to these reports.
Amidst these series of events at BluSmart, Gensol is also seeing rising number of executives leaving the firm. Earlier this month, its independent director Rajesh Jain resigned.
In his resignation letter dated March 13, filed on the NSE by Gensol Engineering, Jain had remarked on the current focus of the company, calling for the need for a mentor or an advisor to provide necessary guidance as the company scales. “There is much to cater to, in the company. Whilst promoters are well focused on business growth, there may be a need for a mentor/advisor to provide necessary guidance in such a fast growth environment,” he noted.
Edited by Jyoti Narayan
