BluSmart Mobility, which is currently restructuring its operations to streamline its financials, has seen multiple exits at the top level. Chief executive officer Anirudh Arun, chief business officer Tushar Garg, chief technology officer Rishabh Sood, and vice-president of experience Priya Chakravarthy, have all stepped down from their positions at the firm, according to sources.
Nandan Sharma, who previously served as vice-president of business and operations, will take over as the CEO, one of the sources said, adding that more exits may follow in the coming days.
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The exodus come after BluSmart recently announced that it is restructuring its operations, a key part of which involves its parent firm, Gensol Engineering, winding down its existing lease arrangements. As part of this move, Gensol is selling 2,997 electric vehicles to Chennai-based Refex Green Mobility, which will subsequently lease them back to BluSmart. This transaction represents around 34% of BluSmart’s total fleet of 8,700 vehicles and involves Refex assuming Gensol’s existing loan of Rs 315 crore. However, the transaction is yet to receive the necessary regulatory approvals.
The company has maintained that the operational restructuring will have no material impact on its ride-hailing services.
The leadership changes and restructuring efforts come at a challenging time for Gensol, which has recently seen its borrowing status downgraded to default by two rating agencies.
BluSmart’s services, operational in Delhi-NCR, Bengaluru, and more recently in Mumbai, mean that its existing fleet is completing an average of seven trips daily, the company said. It maintains a network of 50 charging hubs with over 6,300 charging points across its operational markets.
The all-electric ride-hailing firm has also been looking to diversify its vehicle acquisition model through the ‘BluSmart Assured’ leasing programme launched last year, enabling high-net-worth individuals and investors to lease EVs directly to the company. The programme has already placed close to 1,000 cars worth approximately Rs 150 crore into BluSmart’s operational fleet.
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BluSmart currently generates monthly revenue of Rs 70 crore, equating to an annual run rate of Rs 840 crore.
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