BluSmart’s collapse has flooded thousands of EVs into Delhi’s resale market. Reels promise Rs 50,000 bargains, sellers are swamped, and complaints get a blunt ‘take it or leave it’.
For customers, BluSmart was a success story that impacted their daily lives. In sync with the government’s clean mobility push, it was a flaunt for green-conscious riders.
A fallout of the BluSmart-Gensol saga is that entrepreneurs will have to face greater scrutiny from investors. It’s a wake up call for regulators & lenders, say market watchers.
BluSmart became a disruptor in the clean mobility industry with a fleet of all-electric cabs. Now, SEBI is probing Rs 978 crore loans and has barred the co-founders from accessing the market.
As a new entrant, BluSmart is looking to seize the moment by beating its combustion engine-powered rivals on electrification, cleanliness and reliability through direct management of its fleet and drivers.
This is the game every nation is now learning to play. Some are finding new allies or seeing value among nations where they’d seen marginal interest. The starkest example is India & Europe.
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