US-based ride-hailing platform Uber Technologies is in early stages of discussions to acquire BluSmart Mobility, the Gurugram-based all-electric cab service operator, two people in the know said.
A deal could help Uber increase its presence in the growing space for electric cabs in India as well as signal consolidation
in the urban mobility industry. The discussions come at a time when Gensol Engineering, the solar engineering procurement and construction company promoted by BluSmart cofounder Anmol Singh Jaggi, is facing liquidity issues.
“Uber is scoping out BluSmart’s assets...particularly the electric vehicle fleet, which could help shore up its presence in the segment,” one of the people said.
Details like the potential deal terms weren’t available.
BluSmart runs an all-electric fleet of more than 5,000 vehicles in Delhi-National Capital Region, Mumbai and Bengaluru. It also has operations in Dubai. These vehicles, mainly from Tata Motors and MG Motor, are owned by Gensol Engineering and leased to BluSmart. BluSmart also has a programme to lease cars from individuals.
Uber also has a service offering all-electric cars in India under Uber Green in the same cities where BluSmart runs operations.
BluSmart also operates a network of EV charging infrastructure in the NCR and Bengaluru.
ET reported on March 14 that Gensol is working on winding down the lease arrangement with BluSmart and selling the vehicles to Chennai-based Refex Industries.
Jaggi, BluSmart’s cofounder and Gensol Engineering’s chairman and managing director, denied holding acquisition talks with Uber.
A deal could help Uber increase its presence in the growing space for electric cabs in India as well as signal consolidation
in the urban mobility industry. The discussions come at a time when Gensol Engineering, the solar engineering procurement and construction company promoted by BluSmart cofounder Anmol Singh Jaggi, is facing liquidity issues.
“Uber is scoping out BluSmart’s assets...particularly the electric vehicle fleet, which could help shore up its presence in the segment,” one of the people said.
Details like the potential deal terms weren’t available.
BluSmart runs an all-electric fleet of more than 5,000 vehicles in Delhi-National Capital Region, Mumbai and Bengaluru. It also has operations in Dubai. These vehicles, mainly from Tata Motors and MG Motor, are owned by Gensol Engineering and leased to BluSmart. BluSmart also has a programme to lease cars from individuals.
Uber also has a service offering all-electric cars in India under Uber Green in the same cities where BluSmart runs operations.
BluSmart also operates a network of EV charging infrastructure in the NCR and Bengaluru.
ET reported on March 14 that Gensol is working on winding down the lease arrangement with BluSmart and selling the vehicles to Chennai-based Refex Industries.
Jaggi, BluSmart’s cofounder and Gensol Engineering’s chairman and managing director, denied holding acquisition talks with Uber.
