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BluSmart’s existing investors, including BP Ventures and ResponsAbility Investments, are reportedly planning to invest $30 Mn (INR 253.64 Cr) in an effort to revive the electric cab-haling startup.
The funding will be in the form of unsecured debt and would help the company to patch its operational liabilities, including pending dues and employee salaries, TechCrunch reported, citing sources familiar with the matter.
However, the investment proposal relies on cofounder Anmol Singh Jaggi’s resignation, the report confirmed.
Inc42 has reached out to BluSmart, ResponsAbility and BP Ventures for comments on the development. The story will be updated based on their responses.
The report further said that the startup’s investors with pro rata rights began discussions of the resolution a week ago.
Following the allegations that arose with Gensol Engineering, where its promoters Anmol Singh Jaggi and Puneet Singh Jaggi were accused of falsifying documents, manipulating share prices, and siphoning funds for personal luxuries, SEBI passed an interim order, leading the ride-hailing startup to suspend its operations.
This resulted in its 10,000 drivers going jobless, to which around 80 of its drivers gathered at Delhi’s Jantar Mantar earlier this month to protest their job losses and urging for the government’s intervention.
Meanwhile, Inc42 exclusively reported that climate-focussed PE firm Eversource Capital was supposedly in talks to acquire BluSmart for around INR 800 Cr to INR 1,000 Cr ($90 Mn to $120 Mn).
(The story will be updated soon.)
The post BluSmart Investors Planning $30 Mn Infusion To Revive The Startup: Report appeared first on Inc42 Media.
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