Refex Green mobility drops EV deal with Gensol as BluSmart’s troubles deepen

Blusmart

In a significant development in India’s electric mobility sector, Refex Green Mobility Limited (RGML) has scrapped its proposed takeover of nearly around 2,997 electric vehicles from Gensol Engineering Limited.

The decision, announced in a regulatory filing on March 28 was attributed to evolving commitments on both sides, making it difficult to complete the transaction within the planned timeframe.

This withdrawal comes at a time when the EV industry is facing mounting challenges, with recent reports highlighting financial troubles at BluSmart, one of India’s largest all-electric ride-hailing services.

BluSmart, which operates in Delhi-NCR and Bengaluru, has been grappling with funding constraints, payment delays, and operational inefficiencies, raising concerns over the long-term sustainability of EV-based mobility ventures in India.

Amid these challenges sources previously said that Uber is mulling to take over BluSmart, signaling a major shift in India’s EV ride-hailing landscape.

The global ride-hailing giant, which has been steadily expanding its EV fleet, is expected to leverage BluSmart’s infrastructure and driver network to strengthen its presence in the electric mobility space.

While the deal offers a lifeline for BluSmart, industry insiders remain cautious about the long-term viability of large-scale EV operations, given high capital costs and the need for extensive charging infrastructure.

The agreement, initially announced in January 2025, was expected to bolster RGML’s fleet and expand its green mobility footprint. However, shifting priorities and possible financial caution in an increasingly volatile market appear to have led to a change in strategy.

BluSmart’s struggles have underscored the capital-intensive nature of EV fleet operations, with high vehicle procurement costs, charging infrastructure requirements, and limited funding options posing significant hurdles.