• BluSmart Mobility is undergoing a leadership reshuffle amid financial restructuring, with CEO Anirudh Arun and other top executives stepping down.
  • The restructuring includes selling 2,997 electric vehicles to Refex Green Mobility, while the company explores alternative leasing models to sustain operations.

BluSmart Mobility is undergoing a significant leadership reshuffle as part of its ongoing efforts to streamline operations and restructure its financials. Several senior executives, including CEO Anirudh Arun, Chief Business Officer Tushar Garg, Chief Technology Officer Rishabh Sood, and Vice President of Experience Priya Chakravarthy, have stepped down, according to sources familiar with the matter.

Nandan Sharma, formerly Vice President of Business and Operations, is expected to take over as CEO, one of the sources said, adding that further exits may follow in the coming days.

The leadership changes come as BluSmart’s parent company, Gensol Engineering, winds down its existing vehicle lease arrangements. As part of this transition, Gensol has agreed to sell 2,997 electric vehicles—accounting for 34% of BluSmart’s total fleet of 8,700 cars—to Chennai-based Refex Green Mobility. The deal includes Refex taking on Gensol’s existing loan of ₹315 crore. However, the transaction is still pending regulatory approvals.

BluSmart has stated that its ride-hailing services will not be affected by the restructuring. The company currently operates in Delhi-NCR, Bengaluru, and Mumbai, with an average of seven trips per vehicle daily. It also manages a network of 50 charging hubs with over 6,300 charging points across its operational regions.

Despite its expansion, BluSmart’s financial position remains under scrutiny. Gensol Engineering recently saw its borrowing status downgraded to default by two credit rating agencies.

BluSmart has been exploring alternative financing strategies, including its ‘BluSmart Assured’ leasing program, launched last year. This initiative allows high-net-worth individuals and investors to lease electric vehicles directly to the company. To date, nearly 1,000 cars, valued at approximately ₹150 crore, have been added to BluSmart’s fleet through this program.

Co-founder Puneet Singh Jaggi noted that the company currently generates a monthly revenue of ₹70 crore, translating to an annualized revenue of ₹840 crore. However, according to Tracxn data, BluSmart’s net losses widened from ₹100.4 crore in FY22 to ₹215.9 crore in FY23, despite an increase in revenue from ₹8.1 crore to ₹70.9 crore during the same period.

Jaggi emphasized the company’s commitment to achieving profitability in the near future. “We remain focused on turning profitable within the next 6-8 quarters,” he stated.

Edited by Harshajit Sarmah