EV cab aggregator BluSmart has denied reports of being in discussions or negotiations with Uber regarding a possible acquisition. A spokesperson from BluSmart told CNBC TV18 that reports suggesting such a development are entirely speculative and unfounded.
The company spokesperson further maintained that BluSmart remains focused on scaling its operations, expanding its footprint, and driving sustainable mobility forward. “Our commitment to transforming urban transportation with clean energy remains unwavering, and we continue to build for the long term,” CNBC TV18 reported citing the spokesperson. “We urge all stakeholders to disregard these baseless rumors and rely on official company communications for accurate information.”
ALSO READTaj, BNW to introduce luxury residences
Earlier, media reports suggested that Uber is in early stages of talks to acquire BluSmart since its parent company, Gensol Engineering, is looking to exit the capital-intensive business. The reports emerged amid Gensol Engineering facing liquidity issues.
BluSmart was launched in 2019 and is competing against Uber and Ola, offering fully electric cabs as a green alternative.
Earlier this month, a report by FinancialExpress stated that per the guidance trajectory and financial update given by its management to a group of investors, BluSmart is likely to turn profitable in the next five to six quarters. The updates suggested that the company’s annual run rate has touched $90 million, and its gross business value rose around 127 per cent on-year to Rs 376 crore in 2023-2024. In FY25, it is likely to jump another 70 per cent to Rs 640 crore.
» Read More
