BluSmart shuts down Uber acquisition rumours, calls claims ‘speculative and unfounded’

BluSmart has denied recent reports of its acquisition by Uber, calling the claims completely “speculative” and “unfounded.”

“We categorically deny any discussions or negotiations regarding an acquisition by Uber,” BluSmart said in a statement.

This follows reports of Uber's plans to expand its EV segment. However, the company has not responded to Fortune India's request for comment.

“As India’s leading EV ride-hailing and charging infrastructure platform, BluSmart remains focused on scaling operations, expanding its footprint, and advancing sustainable mobility,” the statement added.

BluSmart has firmly denied any claims of a potential sell-off. However, Gensol Engineering, the construction engineering company promoted by BluSmart co-founder Anmol Singh Jaggi, has outlined a debt reduction plan that includes selling nearly 3,000 EVs. On March 5, Gensol Engineering announced its plan to reduce debt by ₹665 crore, which involves selling 2,997 electric vehicles worth ₹315 crore and a subsidiary valued at ₹350 crore. A partial sale of its EV fleet could potentially involve Uber.

BluSmart operates a fleet of over 5,000 electric vehicles, primarily sourced from Tata Motors and MG Motor. The fleet is owned by Gensol Engineering and leased to BluSmart, which also sources vehicles from independent owners and manages a network of EV charging stations in the NCR and Bengaluru.

On March 13, Gensol approved a ₹600 crore fundraising plan — ₹400 crore via Foreign Currency Convertible Bonds (FCCBs) and ₹200 crore through promoter-issued warrants — to stabilise its balance sheet. The company is also exploring a possible end to its leasing arrangement with BluSmart, with plans to sell the vehicles to Chennai-based Refex Industries.

Gensol’s liquidity issues have led to a debt rating downgrade by ICRA and CARE, and its stock has plummeted over 75% from its June 2024 high. Allegations of falsified documents have further clouded its outlook, though the company has denied these claims and set up a review committee to investigate. Gensol is promoted by BluSmart co-founder Anmol Singh Jaggi, who, along with fellow co-founder Punit Goyal, holds a 24% stake in BluSmart. Jaggi’s brother, Puneet Singh Jaggi, who also co-founded Gensol, reportedly holds a 5.7% stake.