Multiple high-level departures have occurred at BluSmart Mobility, which is actively restructuring its operations to optimize its finances. Sources claim that the company’s chief executive officer, Anirudh Arun, chief business officer, Tushar Garg, chief technology officer, and vice-president of experience, Priya Chakravarthy, have all resigned.
One of the sources stated that Nandan Sharma, who was previously the vice-president of business and operations, will become the CEO, and that other departures might occur in the days ahead.
This follows the announcement of a restructuring by the company BluSmart. In so doing, the company’s parent body, Gensol Engineering, is terminating its existing lease agreements. As part of this transaction, Refex Green Mobility will be buying 2,997 electric cars from Gensol, and the cars will then be leased to BluSmart by Refex Green Mobility. The single deal charges Refex with the Rs 315-crore existing debt of Gensol, and this takes care of nearly 34 percent of the entire fleet of BluSmart: 8,700 cars. Notably, the agreement has not yet secured the necessary regulatory approvals.
According to the company’s assertions, its ride-hailing services will not be significantly impacted by the operational restructure.
The reorganization and leadership changes occur at a difficult moment for Gensol, whose borrowing status was recently downgraded to default by two rating agencies.
With its current fleet operating in Bengaluru, Delhi-NCR, and more recently, Mumbai, BluSmart’s services enable its fleet to make an average of seven journeys every day, according to the business. It keeps up a network of more than 6,300 charging stations and 50 charging hubs throughout its operating areas.
By allowing investors and high-net-worth individuals to lease EVs directly from the company through the “BluSmart Assured” leasing program, which was introduced last year, the all-electric ride-hailing startup has also been attempting to diversify its vehicle purchase model. The initiative has already added around 1,000 vehicles, valued at around Rs 150 crore, to BluSmart’s current fleet.
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BluSmart’s current revenue is Rs 70 crore each month, which translates to an annual run rate of Rs 840 crore. According to co-founder Puneet Singh Jaggi, as of March 9, 2025, the firm had an outstanding net debt of Rs 240 crore, having raised a total debt of Rs 985 crore.
Tracxn data indicates that BluSmart’s revenue in FY23 was Rs 70.9 crore, up from Rs 8.1 crore in FY22. Nevertheless, within the same time period, net losses also increased from Rs 100.4 crore to Rs 215.9 crore. Jaggi has reaffirmed the company’s commitment to becoming profitable in the upcoming “6-8 quarters.”
