Sources also say talks have been initiated on the possibility of JSW MG picking up a small stake in BluSmart Mobility.
When contacted, both BluSmart Mobility and JSW MG replied with the same message: "We do not comment on market speculation. With regards to the information cited in your query, we would like to state that the information mentioned is inaccurate."
BluSmart is India's largest full-stack and fully integrated EV ride hailing service. In July this year, BluSmart raised INR 200 crore (USD 24 million) in pre-series B funding round with participation from new investors like Zurich-based responsAbility Investments, MS Dhoni’s Family Office and Sumant Sinha, founder-CEO of Nasdaq-listed firm ReNew.
It also announced that it has secured long-term EV asset financing of USD 200 million so far. In May 2022, the company raised nearly USD 51 million in two rounds of Series A funding.
The company has nearly 10,000 drivers and runs more than 7,500 electric vehicles pan India. It also owns and runs 4,000 EV chargers in 35 charging hubs in India.
The company has through parent company Gensol Engineering, bought electric vehicles in bulk orders from both Tata Motors and MG. The company also signed a mutli-year power purchase agreement with Tata Power earlier this year.
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