BluSmart Mobility Experiences Significant Leadership Overhaul
The electric ride-hailing company BluSmart Mobility is undergoing a major organizational transformation, marked by the simultaneous departure of several top executives. Chief executive officer Anirudh Arun, along with key leadership members, has stepped down as the company navigates through a critical restructuring phase.
Leadership Changes at a Glance
The exit roster includes prominent executives such as:
- Anirudh Arun - Chief Executive Officer
- Tushar Garg - Chief Business Officer
- Rishabh Sood - Chief Technology Officer
- Priya Chakravarthy - Vice President of Experience
In response to these departures, Nandan Sharma, previously vice-president of business and operations, will assume the role of CEO.
Operational Restructuring Details
The leadership changes coincide with a significant fleet restructuring. BluSmart's parent company, Gensol Engineering, is selling 2,997 electric vehicles to Refex Green Mobility, representing approximately 34% of its total fleet of 8,700 vehicles. This transaction includes the transfer of an existing loan of Rs 315 crore and is currently pending regulatory approvals.
Financial Snapshot
Despite the challenges, BluSmart demonstrates notable financial metrics:
- Monthly Revenue: Rs 70 crore
- Annual Revenue Run Rate: Rs 840 crore
- Total Debt Raised: Rs 985 crore
- Outstanding Net Debt: Rs 240 crore
Company Performance and Future Outlook
The company's financial trajectory shows rapid growth. In FY23, BluSmart's revenue surged to Rs 70.9 crore from Rs 8.1 crore in FY22. However, net losses also expanded from Rs 100.4 crore to Rs 215.9 crore during the same period.
Co-founder Puneet Singh Jaggi remains optimistic, reaffirming the company's commitment to achieving profitability within the next 6-8 quarters.
Current Operational Reach
BluSmart currently operates in major metropolitan areas including Delhi-NCR, Bengaluru, and Mumbai. The company boasts an impressive infrastructure of 50 charging hubs with over 6,300 charging points. Its fleet is performing efficiently, completing an average of seven trips daily.
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