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How BluSmart’s Closest Ally Became Its Biggest Risk
- Gensol Engineering, the largest fleet supplier of BluSmart, is facing debt and liquidity issues, affecting BluSmart's future.
- Gensol sold 3,000 EV cars operated by BluSmart to Refex Green Mobility to reduce debt, which led to credit rating downgrades for Gensol.
- BluSmart discontinued Dubai operations to focus on the Indian market and witnessed top-level executives leaving the company.
- Gensol's stock plummeted, raising concerns about BluSmart's business links and future.
- BluSmart, initially under Gensol, has diversified its fleet suppliers but still faces challenges due to the close association with Gensol.
- BluSmart's fundraising efforts and debt repayment challenges pose risks to its growth and operations.
- BluSmart trails behind Uber and Ola in overall fleet size, with plans to raise funds for fleet expansion.
- Competition from Uber Green, Rapido, and other players, along with issues like long wait times and customer support, pose challenges for BluSmart.
- Rapido's growth strategy and market positioning indicate potential disruption to BluSmart's business model.
- As the EV market evolves, BluSmart's positioning advantage may diminish, making founder Anmol Jaggi's ambitious vision seem challenging.
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