BluSmart Faces Cross Default After Delay In INR 30 Cr NCD Payment: Report

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SUMMARY

BluSmart Mobility is grappling with a cash crunch, which caused the electric cab-hailing startup to default on INR 30 Cr of debt in early February

While BluSmart cleared its debt over the weekend, the Delhi NCR-based company now has to persuade the debenture holders not to declare a cross-default against it

This comes amid reports that BluSmart was in the middle of raising $50 Mn (about INR 434 Cr) in its Series B funding round

Electric cab-hailing startup BluSmart Mobility is reportedly grappling with a cash crunch,…



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BluSmart Faces Cross Default After Delay In INR 30 Cr NCD Payment: Report


SUMMARY

BluSmart Mobility is grappling with a cash crunch, which caused the electric cab-hailing startup to default on INR 30 Cr of debt in early February

While BluSmart cleared its debt over the weekend, the Delhi NCR-based company now has to persuade the debenture holders not to declare a cross-default against it

This comes amid reports that BluSmart was in the middle of raising $50 Mn (about INR 434 Cr) in its Series B funding round

Electric cab-hailing startup BluSmart Mobility is reportedly grappling with a cash crunch,…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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