Homegrown Evera Cabs Acquires 500 Repossessed BluSmart EVs

Delhi-based electric taxi service Evera Cabs is integrating the first 500 electric vehicles (EVs) previously operated by BluSmart, which were repossessed and subsequently leased to Evera by BluSmart's lenders. The company is also providing employment opportunities to BluSmart drivers who suddenly lost their livelihoods when the service was suspended last month amid regulatory issues, says a report by Times of India (TOI).

Evera plans to deploy most of its newly acquired vehicles to expand service coverage around Delhi airport.

"A big chunk of BluSmart drivers are queuing up to join Evera, with 10% of them being women...around 150 drivers already started doing trips," the company said in a statement on Monday, as quoted by TOI.

The homegrown electric cab startup operated by Prakriti E-Mobility has onboarded 220 vehicles and will add the remaining 280 cabs in the coming days. The company plans to onboard another 500 BluSmart cabs.

Fleet Expansion Underway

Prakriti E-Mobility, which operates Evera Cabs, has already incorporated 220 vehicles into its fleet and plans to add the remaining 280 electric taxis in the coming days. The company has further announced intentions to acquire an additional 500 vehicles from BluSmart's former fleet.

BluSmart's Downfall

BluSmart suspended its operations across Delhi-NCR, Mumbai, and Bengaluru last month following regulatory investigations. The probe revealed that company promoters Anmol Singh Jaggi and Puneet Singh Jaggi had inappropriately diverted funds intended for electric vehicle purchases toward personal expenses.

In response to these financial irregularities, BluSmart has engaged Grant Thornton to conduct a forensic audit. An investigation by the Securities and Exchange Board of India (SEBI) led to the Jaggi brothers being barred from securities market activities until further notice.

The SEBI investigation uncovered systematic misuse of loans obtained through Gensol Engineering. These funds were allegedly diverted to purchase luxury real estate in The Camellias in Gurugram, manipulate Gensol's stock price, fund personal ventures, and finance activities unrelated to the stated purpose of the loans.

Uber Not Incorporating BluSmart EVs

This development follows news that Uber abandoned plans to incorporate approximately 5,000 of BluSmart's vehicles into its platform. BluSmart had operated a fleet exceeding 8,500 electric vehicles before its shutdown.

The suspension of BluSmart's operations has created a market opportunity that companies like Evera are now capitalising on to meet increasing demand for electric taxi services.