BluSmart Mobility, India’s leading all-electric ride-hailing firm, is undergoing a major leadership shake-up as part of its broader operational restructuring. In a significant exodus, Chief Executive Officer (CEO) Anirudh Arun, Chief Business Officer (CBO) Tushar Garg, Chief Technology Officer (CTO) Rishabh Sood, and Vice-President of Experience Priya Chakravarthy have stepped down from their roles, sources familiar with the matter confirmed.
The company has named Nandan Sharma, previously serving as Vice-President of Business and Operations, as its new CEO. Sources also indicate that more exits may follow in the coming days as BluSmart works through its restructuring plans.
The leadership transition comes amid BluSmart’s ongoing efforts to optimize financials and restructure operations. A key component of this strategy involves its parent company, Gensol Engineering, revising its leasing agreements. As part of this transition, Gensol is offloading 2,997 electric vehicles to Chennai-based Refex Green Mobility, which will, in turn, lease them back to BluSmart. This transaction represents approximately 34% of BluSmart’s 8,700-vehicle fleet and involves Refex assuming an existing loan of ₹315 crore from Gensol. However, the deal is still pending regulatory approvals.
Despite the restructuring, BluSmart has maintained that its ride-hailing services in Delhi-NCR, Bengaluru, and Mumbai will remain unaffected. The company’s fleet currently completes an average of seven trips per vehicle daily, supported by a network of 50 charging hubs with over 6,300 charging points across operational markets.
The leadership exits coincide with financial challenges for Gensol Engineering, which recently saw its borrowing status downgraded to default by two rating agencies. This development raises concerns about BluSmart’s financial stability and its ability to sustain growth.
While the company has been working to diversify its vehicle acquisition model through initiatives like the ‘BluSmart Assured’ leasing program—allowing high-net-worth individuals and investors to lease EVs directly to BluSmart—the ongoing restructuring raises questions about the long-term sustainability of this model. The program has already placed nearly 1,000 vehicles worth ₹150 crore into BluSmart’s fleet.
Despite operational challenges, BluSmart has reported strong revenue growth. The company currently generates ₹70 crore in monthly revenue, translating to an annual run rate of ₹840 crore. However, financial filings reveal that while BluSmart’s revenue surged from ₹8.1 crore in FY22 to ₹70.9 crore in FY23, net losses widened from ₹100.4 crore to ₹215.9 crore during the same period.
Co-founder Puneet Singh Jaggi has reiterated that BluSmart remains committed to turning profitable within the next six to eight quarters. As of March 2025, the company had raised a total debt of ₹985 crore, with an outstanding net debt of ₹240 crore.
