BluSmart's big bet: Major restructuring, CEO exit and a ₹315 cr fleet deal

BluSmart Mobility undergoes major restructuring as CEO and top executives exit; company signs a fleet leasing deal while assuring that ride-hailing operations remain unaffected

BluSmart Mobility, currently undergoing a major operational restructuring to improve its financial stability, has witnessed multiple high-profile exits. Chief Executive Officer (CEO) Anirudh Arun, Chief Business Officer Tushar Garg, Chief Technology Officer Rishabh Sood, and Vice-President of Experience Priya Chakravarthy have all stepped down from their respective roles, according to a report by The Morning Context.

 

Nandan Sharma, previously serving as Vice-President of Business and Operations, has been appointed as the new CEO, the report said citing sources.

 

Restructuring and fleet leasing arrangement

 

BluSmart's restructuring comes as its parent company, Gensol Engineering, moves to wind down its existing lease arrangements. As part of this process, Gensol is selling 2,997 electric vehicles to Chennai-based Refex Green Mobility.

 

These vehicles, representing 34 per cent of BluSmart’s total fleet of 8,700 EVs, will be leased back to the ride-hailing firm. Additionally, Refex will assume Gensol’s existing loan of  ₹315 crore. However, this transaction is still pending regulatory approvals, the news report said.

 

Despite these structural changes, BluSmart has assured that its ride-hailing operations will remain unaffected.  

 

Operational challenges

 

The leadership transitions come at a crucial time for Gensol Engineering, which has recently faced financial setbacks. Two rating agencies have downgraded its borrowing status to default, adding further pressure to the company’s restructuring efforts.  

 

BluSmart currently operates in Delhi-NCR, Bengaluru, and recently expanded to Mumbai. The firm reports that its fleet completes an average of seven trips per day and is supported by a network of 50 charging hubs, housing over 6,300 charging points.  

 

To strengthen its fleet expansion, BluSmart introduced the 'BluSmart Assured' leasing programme last year. This initiative allows high-net-worth individuals and investors to lease electric vehicles directly to the company. So far, the programme has contributed nearly 1,000 EVs worth  ₹150 crore to BluSmart’s fleet.  

 

Revenue growth

 

BluSmart currently generates a monthly revenue of ₹70 crore, equating to an annual run rate of  ₹840 crore. As of March 2025, the company has an outstanding net debt of  ₹280 crore out of a total debt of  ₹980 crore, Anmol Jaggi, founder of Gensol Group and co-founder of BluSmart Mobility, said in an exclusive interview with Business Standard.