Uber in Early Talks to Acquire EV Taxi Startup BluSmart: Report

• ByStartupStory     |    March 17, 2025

Gurugram-based electric cab service operator BluSmart Mobility is reportedly in the early stages of acquisition discussions with US ride-hailing giant Uber Technologies, according to an Economic Times report.

This development comes at a time when Gensol Engineering, a solar engineering procurement and construction company promoted by BluSmart’s cofounder Anmol Singh Jaggi, is facing liquidity issues, the report stated.

Startup Story could not independently verify the authenticity of the information contained in the report.

However, BluSmart’s Jaggi has denied holding any acquisition talks with Uber.

Uber, which operates a competing service called Uber Green, has been actively expanding its electric mobility offerings. The acquisition of BluSmart’s fleet—comprising over 5,000 electric vehicles operating in Delhi-NCR, Mumbai, and Bengaluru—could bolster Uber’s push into the EV sector.

According to the report, BluSmart’s vehicles, mainly sourced from Tata Motors and MG Motor, are owned by Gensol Engineering and leased to BluSmart. The company also runs a leasing program allowing individuals to lease their cars to BluSmart. Additionally, BluSmart has developed an extensive network of EV charging infrastructure across NCR and Bengaluru.

Jaggi and co-founder Punit Goyal collectively hold a 24% stake in BluSmart, while Jaggi’s brother, Puneet Singh Jaggi, who is also a co-founder of Gensol, holds 5.7%, according to Tracxn data.

BluSmart is backed by BP Ventures and Zurich-based climate finance firm ResponsAbility. The company has raised over ₹1,000 crore in funding through equity and debt and is currently clocking a ₹70 crore annualised revenue run rate, as per the report.

This potential acquisition comes as Uber faces growing competition from Bengaluru-based ride-hailing firm Rapido, which is backed by WestBridge Capital and has reportedly crossed $1 billion in annualised gross merchandise value.

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