Uber is reportedly engaged in preliminary discussions to acquire BluSmart Mobility, an electric vehicle-based ride-hailing startup. If the deal materializes, it could strengthen Uber’s presence in India’s competitive ride-hailing sector, where it faces competition from Ola, Rapido, and eee-Taxi.
However, BluSmart has dismissed the reports. “We categorically deny any discussions or negotiations regarding an acquisition by Uber. The story is purely speculative and unfounded,” the company stated. The startup emphasized its commitment to expansion, scaling operations, and advancing sustainable mobility.
Founded in 2019 by Anmol Singh Jaggi and Punit K Goyal, BluSmart operates in Delhi NCR, Bengaluru, and Mumbai and has expanded internationally to Dubai. The company runs a fleet of over 8,500 EVs, supported by a network of 5,800 charging stations across 50 hubs. Jaggi, who is also the chairman and managing director of Gensol Engineering, oversees both firms.
Gensol Engineering, a key player in BluSmart’s fleet operations, is currently grappling with financial challenges. Reports suggest that Uber’s interest in BluSmart is linked to these liquidity concerns, with a focus on acquiring its EV assets.
Uber has been expanding its electric cab services through the “Uber Green” initiative, which is available in Delhi NCR, Mumbai, and Bengaluru—markets where BluSmart is also active.
BluSmart has been facing financial hurdles as well. Earlier this year, reports surfaced that the company had defaulted on INR 30 crore worth of bonds. The company later clarified that it had settled INR 10 crore on February 3 and cleared the remaining INR 20 crore between February 4 and February 22.
Additionally, BluSmart has been seeking to raise $50 million in a Series B funding round at a pre-money valuation of $335 million.
