Uber’s Possible BluSmart Acquisition: What It Means for EV Taxis

Uber in Talks to Acquire EV Taxi Startup BluSmart

Uber Technologies is reportedly in early discussions to acquire BluSmart Mobility, a Gurugram-based electric taxi service. According to an Economic Times report, the negotiations are at a preliminary stage, with no confirmation from either party. The move aligns with Uber’s strategy to expand its electric mobility services, particularly through Uber Green.

The potential acquisition emerges as Gensol Engineering, a solar engineering company linked to BluSmart’s co-founder Anmol Singh Jaggi, faces financial constraints. Gensol owns the electric vehicles used by BluSmart and leases them to the taxi operator. Additionally, BluSmart runs a leasing model where individual owners can lease their cars to the company.

Jaggi, however, dismissed reports of any acquisition discussions.
Jaggi stated:

"We are not engaged in any talks regarding an acquisition by Uber."

Uber’s interest in BluSmart is driven by its ambition to strengthen its foothold in the electric vehicle sector. BluSmart currently operates over 5,000 EVs in Delhi-NCR, Mumbai, and Bengaluru. The company sources vehicles from Tata Motors and MG Motor and has established a comprehensive EV charging infrastructure.

Backed by BP Ventures and Zurich-based ResponsAbility, BluSmart has secured over ₹1,000 crore in funding through equity and debt. The company generates an annual revenue of approximately ₹70 crore.

The ride-hailing market in India is becoming increasingly competitive, with Rapido, a Bengaluru-based firm backed by WestBridge Capital, surpassing $1 billion in annual gross merchandise value. Uber’s potential acquisition of BluSmart could be a strategic response to this intensifying competition.