Investors are looking to revive BluSmart, an Indian cab-hailing startup, by injecting $30 million, contingent on co-founder Anmol Singh Jaggi resigning. This funding aims to settle operational debts, including pending employee salaries. The company halted operations after a government investigation into its primary EV supplier, causing significant disruption for its drivers and employees. With approximately $30 million in overdue payments, the situation remains critical and could impact the fleet's health if services do not resume soon. Protests from affected drivers highlight the urgency of resolving the financial issues.
A group of investors seeks to inject $30 million into BluSmart, contingent upon co-founder Anmol Singh Jaggi's resignation to address operational liabilities.
BluSmart's operational halt was triggered by a probe into its primary EV lessor, Gensol Engineering, affecting operations, employees, and investors.
With about 2.5 billion Indian rupees in pending dues, including overdue salaries, the situation poses risks for BluSmart's abandoned EV fleet and its personnel.
The suspended operations led to protests from drivers impacted by BluSmart's halt and underlined the urgent need for a financial resolution.
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