BluSmart crisis: Green mobility’s red flag is giving HNIs bond blues

Over the past year, multiple new-age fintech platforms facilitated the sale of nearly Rs 100 crore worth of BluSmart Mobility bonds to retail investors and high net-worth individuals (HNIs), who are now facing repayment uncertainty as the electric cab-hailing platform’s operations have come to a standstill.

The bondholders’ concerns stem from cash-strapped BluSmart’s failure to raise $50 million in a fresh round and an ongoing probe by markets regulator Sebi into Gensol Engineering—promoted by BluSmart’s cofounder Anmol Singh Jaggi, said…