How BluSmart’s Closest Ally Became Its Biggest Risk
When ICRA downgraded Gensol Engineering’s ratings to ‘Junk’ earlier this month, it didn’t just trigger a stock market free fall but also made EV ride-hailing startup BluSmart its collateral damage.
But, What’s The Gensol Connection: BluSmart wasn’t just Gensol’s key leasing customer. Gensol’s promoters – brothers Anmol and Puneet Jaggi as founders — hold significant influence on three subsidiaries running BluSmart’s operations.
So, How Gensol Became BluSmart’s…