CosmicTaco

BluSmart's Ally Turns Into Major Risk

CosmicTaco · 2025-03-27T11:36:26.169326+05:30

- When ICRA downgraded Gensol Engineering, BluSmart faced collateral damage, including a stock market free fall. - Gensol’s promoters, Anmol and Puneet Jaggi, significantly influence BluSmart through three subsidiaries. - Governance issues at Gensol could hurt BluSmart’s capital-raising prospects as top executives, including CEO and CBO, exit. - BluSmart's future is uncertain as Gensol’s debt and liquidity issues cast a shadow over the ride-hailing company. - Diversifying fleet suppliers is essential for BluSmart, with Refex Industries partnering with Uber Green to deploy 1,000 cars by 2026. Source: [Inc42](https://inc42.com/features/how-blusmarts-closest-ally-became-its-biggest-risk/?_gl=1*1eskdkx*_gcl_au*MTMwODg2MjMuMTczNzY5NjMzMA..*_ga*MTE1MDE4MjYyMi4xNzM3Njk2MzMw*_ga_67F2T4M6Z5*MTc0MzA1NTQxMi4xMy4wLjE3NDMwNTU0MTIuNjAuMC4w)

When ICRA downgraded Gensol Engineering, BluSmart faced collateral damage, including a stock market free fall.
Gensol’s promoters, Anmol and Puneet Jaggi, significantly influence BluSmart through three subsidiaries.
Governance issues at Gensol could hurt BluSmart’s capital-raising prospects as top executives, including CEO and CBO, exit.
BluSmart's future is uncertain as Gensol’s debt and liquidity issues cast a shadow over the ride-hailing company.
Diversifying fleet suppliers is essential for BluSmart, with Refex Industries partnering with Uber Green to deploy 1,000 cars by 2026.

Source: Inc42