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Context is everything.
Detailed stories on technology startups, business and economic current affairs.
Detailed stories on technology startups, business and economic current affairs.
The electric ride-hailing company, propped up by the listed Gensol Engineering, has been left reeling after the crisis at its benefactor. A fire sale of assets could be its only ticket to survival.
BluSmart, India’s first all-electric ride-hailing company, is in serious trouble. Five people with direct knowledge told The Morning Context that a mass exodus is underway, including senior personnel, as the company scrambles to sell assets in a desperate bid to survive. All five have been associated with BluSmart in the past and requested anonymity for fear of retribution.
The exodus comes close on the heels of the shutdown of its Dubai operations, a move triggered by severe financial constraints and an ongoing struggle to secure funding. Together, these developments underscore BluSmart’s deepening crisis, as its once-ambitious plan to disrupt …
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.
