Burnt by BluSmart: Gensol meltdown puts solar energy solutions at risk

Startups supported by venture capitalists and private equity investors accept large cash burns and running losses, so long as there's high growth rates

Ride-hailing commuters have suddenly discovered that BluSmart is in the process of shutting down. There is a lot of anxiety among users waiting for refunds of cash parked in the BluSmart digital wallet.

 

The startup, with its all-electric vehicle (EV) fleet, had a reputation for efficient, affordable service — with clean, quiet vehicles and polite drivers who knew the basics of navigation. The green branding didn’t hurt. BluSmart introduced a new business model, with the fleet fully owned by the company, along with charging infrastructure. Drivers worked shifts and were paid wages on an hourly basis. In other ride-hailing services,