Contrary to promoter Anmol Singh Jaggi’s claims, Tibrewala is far from a passive investor in Gensol. He’s the moneybags on whose back the company’s stock has zoomed.
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A big bang announcement to manufacture electric cars and multiple rollout deadlines later, his publicly listed Gensol Engineering has little to show for except a tadpole-like three-wheeler that is yet to prove itself.
The four-year-old all-electric taxi startup wants to become an on-demand ride-hailing service and take on the Uber-Ola duopoly. The only problem is that it doesn’t have the fleet size, big investors or a clear business model.
India’s only all-electric ride-hailing company has announced a fresh fundraise to expand fleet capacity; separately, news channels resist a government diktat on ‘national interest’.