Uber in early talks to acquire EV taxi startup BluSmart: Report
Uber is a direct competitor, with its service called ‘Uber Green’ which the company is looking to expand.
The US-origin ride-hailing giant Uber Technologies may be in early stages of discussion to acquire the Gurugram-based electric cab service operator BluSmart Mobility.
This comes at a time when when Gensol Engineering, a solar engineering procurement and construction company which is promoted by BluSmart's cofounder Anmol Singh Jaggi, is facing liquidity issues, according to an Economic Times report.
HT.com cannot independently verify the authenticity of the information contained in the report.
BluSmart's Jaggi had also denied holding such acquisition talks with Uber.
Uber is a direct competitor, with its service called ‘Uber Green’ which the company is looking to expand.
BluSmart's over 5,000 strong electric vehicle fleet in Delhi-NCR, Mumbai and Bengaluru can help Uber achieve just that.
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These same vehicles which are mainly from Tata Motors and MG Motor, are owned by Gensol Engineering and leased to BluSmart, according to the report which added that BluSmart also has a programme to lease cars from individuals.
On top of the vehicles, BluSmart also has a network of EV charging infrastructure in NCR and Bengaluru.
Jaggi and cofounder Punit Goyal together own a 24 per cent stake in BluSmart, with Jaggi’s brother, Puneet Singh Jaggi, who is also a cofounder of Gensol, holding 5.7 per cent, according to Tracxn data.
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BluSmart, which is also backed by BP Ventures and Zurich-based climate finance firm ResponsAbility, is clocking in a ₹70 crore annualised revenue run rate, according to the report which added that it has raised over ₹1,000 crore in funding so far, through both equity and debt.
This development also comes as Uber faces increasing competition from the Bengaluru-based, WestBridge Capital-backed Rapido, which has crossed $1 billion in annualised gross merchandise value from its ride-hailing business.
