BluSmart’s Gensol Ties, Ola Roadster Is A Real Thing

“In 10 years, everyone in India should be able to get a BluSmart EV cab in five minutes,” Anmol Jaggi, BluSmart’s co-founder and Gensol Engineering’s CEO, said during a press conference on Feb. 10, 2025.

Things have unravelled quickly since then.

In March 2025, credit ratings agencies ICRA Ltd. and CARE Ratings Ltd. downgraded Gensol’s credit rating to junk due to delays in debt-servicing. On April 16, 2025, India’s market regulator barred Gensol Engineering Ltd., CEO Anmol Singh Jaggi and Promoter Director Puneet Singh Jaggi from the securities market over charges of fund diversion.

But where does BluSmart fit in all this? Let’s start from the beginning.

In 2007, the Jaggi brothers founded Gensol Engineering as an engineering, procurement and construction company. Between 2008 and 2012, Gensol constructed two solar power plants for Goyal’s now-defunct renewable energy firms in Gujarat.

By 2018, Goyal and Jaggi came together to start BluSmart, an EV-only cab aggregator that was incorporated as Gensol Mobility Pvt. with three units—Gensol Charge Pvt. (charging infrastructure), Gensol Fleet Pvt. (ride-hailing business), and Gensol Mobility Pvt. (taxi app). A year later, all of them were rebranded as BluSmart. Gensol, at the same time, diversified into the EV leasing business.

“In 10 years, everyone in India should be able to get a BluSmart EV cab in five minutes,” Anmol Jaggi, BluSmart’s co-founder and Gensol Engineering’s CEO, said during a press conference on Feb. 10, 2025.

Things have unravelled quickly since then.

In March 2025, credit ratings agencies ICRA Ltd. and CARE Ratings Ltd. downgraded Gensol’s credit rating to junk due to delays in debt-servicing. On April 16, 2025, India’s market regulator barred Gensol Engineering Ltd., CEO Anmol Singh Jaggi and Promoter Director Puneet Singh Jaggi from the securities market over charges of fund diversion.

But where does BluSmart fit in all this? Let’s start from the beginning.

In 2007, the Jaggi brothers founded Gensol Engineering as an engineering, procurement and construction company. Between 2008 and 2012, Gensol constructed two solar power plants for Goyal’s now-defunct renewable energy firms in Gujarat.

By 2018, Goyal and Jaggi came together to start BluSmart, an EV-only cab aggregator that was incorporated as Gensol Mobility Pvt. with three units—Gensol Charge Pvt. (charging infrastructure), Gensol Fleet Pvt. (ride-hailing business), and Gensol Mobility Pvt. (taxi app). A year later, all of them were rebranded as BluSmart. Gensol, at the same time, diversified into the EV leasing business.

According to Goyal on that WTF Podcast, BluSmart works on an asset-light model, like Ola and Uber. It leases electric cars from development financial institutions, such as the Indian Renewable Energy Development Agency Ltd.

“We have an SPV (special purpose vehicle). They buy these cars, I mean, they fund these cars. The SPV takes the loan from these DFIs. The SPV then leases the cars to BluSmart.”

Gensol Engineering was one such EV leasing company that secured government-backed loans from IREDA to purchase thousands of electric cars. BluSmart got a bulk of them at favourable lease terms. Until now.

The SEBI investigation revolves around the Rs 975 crore loan raised by Gensol to purchase 6,400 electric cars. Only 4,704 electric cars were actually purchased for Rs 567.73 crore. That left over Rs 200 crore unaccounted for.

The sanctioned loans were allegedly routed to a dealer, Go-Auto Pvt., which in turn redirected the funds to various entities linked to the Jaggi brothers, including Capbridge Ventures LLP, Matrix Gas and Renewables Ltd., and Wellray Solar Industries Pvt. These funds were then misused for personal expenses as well, including a luxury apartment in DLF’s Camellias project in Gurugram.

Secondly, by the end of 2024, Gensol had unpaid loans of Rs 470 crore towards IREDA. The promoters had pledged 82% shares against a total debt of Rs 1,100, as on Dec. 31.

Thirdly, in an attempt to service its ballooning debt, Gensol decided to sell 3,000 EVs to Refex Green Mobility in January. That deal was scrapped in late March.

In Gensol Engineering, BluSmart had an EV leasing partner that was a close ally. After all, they shared co-founders. To be sure, BluSmart was never a subsidiary of Gensol, but the listed company’s latest annual report shows contracts worth over Rs 148 crore with BluSmart’s subsidiaries. That shows how deep their ties were.

But now with Gensol gone, what happens to BluSmart? As of writing this, BluSmart’s services were unavailable across Delhi, Mumbai and Bengaluru.

Auto Components In Focus: NITI Aayog sees India’s auto component exports growing by three times by 2030, even as the wider industry undergoes a wholesale transformation. That’s possible only by targeted policy initiatives.

Ola Electric’s Maha troubles: The company founded by billionaire Bhavish Aggarwal has told the Maharashtra government that it’s now applying for trade certificates for all of its stores in the state. That, however, hasn’t stopped the raids.

The Big Story | Gensol: NDTV Profit’s Tamanna Inamdar breaks down the Gensol scam that saw promoters Jaggi brothers siphon public money for personal gains.

Ola Electric Mobility Ltd. rolled out the first Roadster X motorcycle from the factory floor on Friday, almost a month to when the deliveries were set to commence.

"Today's roll-out celebrates not just a new product, but a new era for us and the industry, as it represents the next phase of revolution in electric mobility," Ola Electric Founder Bhavish Aggarwal said. "We are excited for our customers to experience the Roadster X on the roads very soon, a product that is set to redefine motorcycling in India.”

The prices of the Roadster X series start at Rs 84,999, Rs 94,999 and Rs 1,04,999 for the Roadster X 2.5kWh, 3.5kWh, and 4.5 kWh, respectively.

The Roadster X+ 4.5kWh is priced at Rs 1,14,999, while the Roadster X+ 9.1kWh (with 4680 Bharat Cell) that offers an unrivalled range of 501 km/charge, is priced at Rs 1,84,999.

That’s all from us this week. Watch this space for more. Read more at ndtvprofit.com/auto.