Uber and blusmart history: Recently, the discussion in the auto world is in full swing that, the global ride—-manner, Uber (Uber) is negotiating the initial stage to acquire India’s electric vehicle-based cab service provider Blusmart. The speculation emerged when the Gensol Engineering Ltd, the original company of Blussmart, is facing financial difficulties, resulting in a decline of more than 50% in the last 15 days in its shares.
Blussmart’s response
Amidst these speculations, Bluusmart has clearly denied any acquisition negotiations with Uber. “Our commitment to change urban transport with clean energy is firm, and we continue to construct for a long period,” said the company spokesman. He has urged all stakeholders to rely on the company’s official information for not paying attention to these baseless rumors and for accurate information.
Recent progress of blue
Blussmart has raised Rs 200 crore in a new equity round in December 2023. The company will use this funding to create a large -scale EV charging superhub and expand its electric ride Heling service. Currently, Blussmart has over 5,500 electric vehicles on Indian roads and has completed over 10 million electric trips, saving about 24,000 MT of CO2.
Uber’s history of acquisition in India
This is not the first time Uber has considered the possibilities of acquisition in India. In January 2020, Uber sold his food delivery business ‘Uber Eats’ to Jomato, in return, Uber received 9.99% of Jomato shares. The step was part of Uber to get out of the loss-making food delivery business and focus on ride-sharing business.
Financial status of Jansol Engineering
Jansol Engineering, which is currently facing financial challenges, is currently facing financial challenges. The company’s shares have seen a huge decline, and the credit rating agencies have reduced its rating to ‘D’, which reflects the default status. This situation has arisen due to delay in loan payment of the company.
Possible acquisition and market competition of Uber
If Uber acquires the Blussmart, it will strengthen its electric cab services in India, where it is facing increasing competition from companies such as Rapido. Rapido has recently launched airport cab services, giving a tough competition to Ola and Uber. Currently, there is no official confirmation about the acquisition between Uber and Blussmart. Blussmart has clearly denied any such dialogue. Therefore, for further information on this subject, the official announcements will have to wait for some time.
