Marred by multiple challenges, BluSmart, once a star of the Gensol universe, has become a black hole.
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Indian electric vehicle manufacturers are in for near-term disruption as China puts restrictions on the supply of rare-earth materials to the world.
A letter from one of BluSmart’s largest investors reveals how the ride-hailing startup’s promoters withheld critical information from the shareholders and the board while providing consistently inaccurate financial forecasts.
With his back to the wall, the founder is exploring options that could benefit him much more than others. Even at the expense of the customers, investors, vendors and employees.