/
•
•
Context is everything.
Detailed stories on technology startups, business and economic current affairs.
Detailed stories on technology startups, business and economic current affairs.
The four-year-old all-electric taxi startup wants to become an on-demand ride-hailing service and take on the Uber-Ola duopoly. The only problem is that it doesn’t have the fleet size, big investors or a clear business model.
BluSmart Mobility’s fundraising ambitions have hit a roadblock.
Since mid-2022, the ride-hailing startup has been talking about raising $250 million (about Rs 2,000 crore) in a funding round. In January this year, the company was reportedly in advanced talks to close the round. Months later, it managed to raise only around $42 million (around Rs 342 crore), including $5 million in debt. It’s worth mentioning that co-founder and CEO Anmol Singh Jaggi invested a little under Rs 110 crore, while BP Ventures—British energy giant BP’s venture capital arm and one of its most important investors—put in just around Rs 58 …
Ghost directors, family members on the payroll and shadow operators—inside the tangled web of power and money at BluSmart and Gensol.
A letter from one of BluSmart’s largest investors reveals how the ride-hailing startup’s promoters withheld critical information from the shareholders and the board while providing consistently inaccurate financial forecasts.
With his back to the wall, the founder is exploring options that could benefit him much more than others. Even at the expense of the customers, investors, vendors and employees.
