{
Gensol Engineering Limited

Companies

}
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001122334455554433221100

blusmart initiates forensic audit amid financial mismanagement allegations and leadership turmoil

BluSmart, an electric vehicle ride-hailing company, has initiated a forensic audit led by Grant Thornton following whistleblower claims of financial mismanagement. The company, which has been losing over 20 crore rupees monthly, previously reported having substantial cash reserves but has since run out of funds, prompting a stalled $50 million fundraising effort. Leadership instability, including the exit of top executives, and reliance on a troubled supplier have exacerbated the situation, indicating deeper governance issues beyond mere financial discrepancies.
Tech in Asia
United States Dollar Indian Rupee iCRAFT Co., Ltd. Gensol Engineering Limited IND
Business & Industry, Market Report
05:20 24.04.2025

Gensol Engineering promoters see stake drop amid regulatory scrutiny

Gensol Engineering's promoters have seen their stake decline by more than half due to a crackdown by the Securities and Exchange Board of India (Sebi). This significant reduction raises concerns about the company's governance and market stability amid regulatory scrutiny.
StartupNews.fyi
Gensol Engineering Limited IND
Regulatory & Legal, News Article
08:51 23.04.2025

investigation into bluSmart co-founder highlights corporate governance issues in india

India’s Securities and Exchange Board (SEBI) is investigating Gensol Engineering and its founders for allegedly misusing EV loan funds, with claims of personal expenses including luxury real estate. The probe involves loans of 9.78 billion rupees, intended for purchasing electric vehicles for BluSmart, which only acquired 4,704 out of the planned 6,400 EVs. BluSmart faces significant challenges as its capital-intensive fleet ownership model strains finances, leading to the sale of 3,000 EVs and reduced service availability, while competition intensifies from established players like Uber entering the EV market.
Tech in Asia
United States Dollar Indian Rupee Power Finance Corporation Limited Gensol Engineering Limited Refex Green Mobility Ltd. Indian Renewable Energy Development Agency Limited IND Anmol Singh Jaggi Puneet Singh Jaggi Show more
Business & Industry, Market Report
09:10 16.04.2025

BluSmart ceases operations and partners with Uber amid financial struggles

Electric ride-hailing startup BluSmart will cease its services and transition its fleet to Uber due to significant financial challenges, including a monthly cash burn of over ₹20 crore and failure to secure $50 million in funding. The shift involves moving 700 to 800 cars to Uber, with BluSmart seeking $15 to $20 million from the company for the transition. This pivot reflects a retreat to core operations amid a competitive and evolving ride-hailing market in India, where new entrants are reshaping the landscape.
Tech in Asia
United States Dollar Indian Rupee Gensol Engineering Limited IND
Business & Industry, Market Report
09:10 14.04.2025

Uber considers acquiring BluSmart Mobility's electric cab fleet

Uber Technologies is reportedly considering the acquisition of BluSmart Mobility, a Gurugram-based operator of all-electric cabs. The negotiations focus on BluSmart’s assets, including a fleet of over 5,000 EVs operating in major cities like Delhi, Mumbai, Bengaluru, and Dubai, primarily consisting of Tata Motors and MG Motor vehicles. Additionally, BluSmart manages EV charging infrastructure in NCR and Bengaluru and leases vehicles from private individuals.
Tech in Asia
Indian Rupee United Arab Emirates Dirham Tata Motors FUT, March 2025, T Gensol Engineering Limited IND ARE
Business & Industry, News Article
07:50 17.03.2025

Q2 2024 earnings season gains momentum with major companies reporting results

Major companies including Coal India, JSW Steel, DLF, and Interglobe Aviation are set to release their Q2 earnings reports today, joining a wave of firms that have already reported results. Notable performances include Reliance Industries with a profit decline of 4.8%, while HCL Technologies and TCS reported profit increases of 10.5% and 5.0%, respectively. ICRA's profit rose by 15.6% to Rs 36.72 crore, and Oracle Financial Services Software saw a significant profit increase of 38.4% to Rs 577.70 crore.
Financialexpress
Indian Rupee United States Dollar HDFC Bank Limited Bandhan Bank Limited Torrent Pharmaceuticals Limited InterGlobe Aviation Limited Poonawalla Fincorp Limited JSW Steel Limited Reliance Industries Limited Gensol Engineering Limited Adani Wilmar Limited HUL Piramal Pharma Limited PVR INOX Limited The Phoenix Mills Limited NIIT Limited Tata Consultancy Services (TCS) HCL Technologies Limited Novartis India Limited Inox Wind Limited Tech Mahindra Limited ICRA Limited Infosys Limited Coal India Limited Bajaj Auto Limited Paytm Money Ltd. TVS Motor Company Limited Shriram Finance Limited Nestlé India Limited Axis Bank Limited IDBI Bank Limited JM Financial Limited Mahindra Logistics Limited The Jammu and Kashmir Bank Limited Bank of Baroda Limited LTIMindtree Limited Wipro Limited Bpcl EPF Trust Zomato Limited Havells India Limited Bharat Petroleum Corporation Limited Mahindra Holidays & Resorts India Limited Bharat Electronics Limited DLF Assets Ltd. Hindustan Petroleum Corporation Limited ITC Limited IND Makarand Padalkar Avadhut Ketkar Pieter Elbers Ramnath Krishnan Medan Airport Show more
Finance & Economy, Market Report
17:57 25.10.2024
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