BluSmart Breaks Down, Groww Eyes $200 Mn & More

How BluSmart’s Closest Ally Became Its Biggest Risk

When ICRA downgraded Gensol Engineering’s ratings to ‘Junk’ earlier this month, it didn’t just trigger a stock market free fall but also made EV ride-hailing startup BluSmart its collateral damage.

But, What’s The Gensol Connection: BluSmart wasn’t just Gensol’s key leasing customer. Gensol’s promoters – brothers Anmol and Puneet Jaggi as founders — hold significant influence on three subsidiaries running BluSmart’s operations.

So, How Gensol Became BluSmart’s…