End trip for BluSmart? Behind the EV ride-hailing company’s deepening crisis

The recent debt repayment crisis that has hit solar engineering, procurement and construction (EPC) firm Gensol Engineering — prompting it to divest around 3,000 electric vehicles as well as pare its ties with BluSmart, the ride-hailing firm’s operations are coming under pressure, said people familiar with the development. Gensol leased out these EVs to BluSmart.

To begin with, BluSmart’s business is suffering with the daily rides on its platform falling to less than half the 25,000-30,000 it was clocking at its peak last year, they said.

“Without…