BluSmart Denies Uber Acquisition Talks as Parent Company Gensol Faces Financial Hurdles

BluSmart shot down reports claiming Uber plans to buy the company, calling them "unfounded" and "purely speculative" in a statement released on Sunday. The electric taxi service firmly denied any talks with the ride-hailing giant.

"We categorically deny any discussions regarding an acquisition by Uber," BluSmart declared. The company stressed that it remains focused on growing its electric vehicle network and expanding sustainable transport options across its markets.

Uber has stayed silent on the matter, offering no response to the rumors reported by Fortune India.

However, behind the scenes, Gensol Engineering—connected to BluSmart through co-founder Anmol Singh Jaggi—faces mounting financial pressure. The company recently unveiled plans to offload nearly 3,000 electric vehicles worth Rs 315 crore to slash its Rs 665 crore debt burden.

Gensol announced on March 5 that it would also sell a subsidiary valued at Rs 350 crore. Industry insiders hint that some vehicle sales might involve Uber despite BluSmart's firm denial of takeover negotiations.

BluSmart runs over 5,000 electric cars, mostly Tata Motors and MG models. These vehicles, owned by Gensol and leased to BluSmart, operate primarily in Delhi-NCR and Bengaluru alongside the company's charging station network.

Gensol's financial troubles continue. On March 13, the company approved plans to raise Rs 600 crore—Rs 400 crore through Foreign Currency Convertible Bonds and another Rs 200 crore via promoter warrants—to shore up its failing finances.

Reports suggest Gensol may cut ties with BluSmart entirely, potentially selling its vehicle fleet to Chennai-based Refex Industries instead.

Both ICRA and CARE have downgraded Gensol's credit rating as its stock price crashed over 75% from last June's peak. Document falsification allegations further damaged the company's reputation, though Gensol denies these claims and has launched an internal investigation.

The ownership web shows BluSmart co-founders Anmol Singh Jaggi and Punit Goyal holding 24% of BluSmart, while Anmol's brother Puneet Singh Jaggi, who co-founded Gensol, owns 5.7% of that company.