Leadership Shake-Up at BluSmart Mobility Amidst Restructuring Efforts
In a significant shift within BluSmart Mobility, several top executives have departed as the company embarks on a crucial operational overhaul. The electric ride-hailing service, known for its commitment to sustainability, is actively streamlining its financial structure, leading to the resignation of key players including CEO Anirudh Arun, Chief Business Officer Tushar Garg, Chief Technology Officer Rishabh Sood, and Vice President of Experience Priya Chakravarthy.
New Leadership on the Horizon
In a move to stabilize the leadership, Nandan Sharma, formerly the Vice President of Business and Operations, has been appointed as the new CEO. Sources indicate that additional departures may occur in the near future, suggesting a broader transformation within the company.
- Key Executive Changes:
- Anirudh Arun – Former CEO
- Tushar Garg – Former Chief Business Officer
- Rishabh Sood – Former Chief Technology Officer
- Priya Chakravarthy – Former Vice President of Experience
- Nandan Sharma – New CEO
Restructuring Plans and Fleet Transformation
The leadership changes coincide with BluSmart’s announcement of a significant restructuring plan. This initiative is part of a larger strategy involving its parent company, Gensol Engineering, which is winding down its current lease agreements. As part of this operational shift, Gensol is set to sell 2,997 electric vehicles to Chennai-based Refex Green Mobility, which will then lease them back to BluSmart. This transaction represents approximately 34% of BluSmart’s total fleet of 8,700 vehicles and includes Refex taking over Gensol’s existing loan of ₹315 crore. However, this deal is pending regulatory approval.
Despite these changes, the company reassures that its ride-hailing services will remain unaffected.
Challenges Ahead for Gensol
The restructuring comes at a difficult juncture for Gensol, which has recently faced downgrades in its borrowing status by two credit rating agencies.
Operational Insights and Revenue Growth
BluSmart, primarily serving the Delhi-NCR, Bengaluru, and more recently, Mumbai, maintains a fleet that averages seven trips per vehicle each day. The company boasts a robust network of 50 charging hubs equipped with over 6,300 charging points across its service areas.
In a bid to diversify its fleet acquisition, BluSmart introduced the ‘BluSmart Assured’ leasing program last year. This initiative allows affluent individuals and investors to lease electric vehicles directly to the company, contributing nearly 1,000 cars worth approximately ₹150 crore to its operational fleet.
Financial Performance and Future Outlook
Currently, BluSmart generates a monthly revenue of ₹70 crore, translating to an annual run rate of ₹840 crore. As of March 9, 2025, the company has accumulated a total debt of ₹985 crore, with a net outstanding debt of ₹240 crore, according to co-founder Puneet Singh Jaggi.
Data from Tracxn reveals that BluSmart achieved revenues of ₹70.9 crore in FY23, a substantial increase from ₹8.1 crore in FY22. However, net losses also escalated from ₹100.4 crore to ₹215.9 crore during the same timeframe. Despite these challenges, Jaggi remains optimistic, pledging to achieve profitability within the next 6 to 8 quarters.
The ongoing changes at BluSmart Mobility reflect the company’s commitment to adapt and innovate within the rapidly evolving electric vehicle sector, positioning itself for future growth and sustainability.
