BluSmart dismisses rumors of exiting ride-hailing business in India
What's the story
BluSmart, a leading player in the electric mobility and ride-hailing space, has denied rumors of its potential exit from the cab-hailing business.
The company stressed that it will continue to operate as usual and requested stakeholders to depend on verified information.
The statement comes amid speculation that BluSmart may pivot from consumer-facing ride-hailing services to providing electric vehicle (EV) fleets.
Market speculation
Speculation about BluSmart's strategic shift
The rumors gained traction yesterday, hinting that BluSmart could become a partner for ride-hailing giant Uber.
These speculations stemmed from the company's early years as a fleet operator in 2019 before it branched out into a full-fledged ride-hailing platform.
However, the company has clarified that it continues to operate normally, with all its vehicles and driver partners actively serving customers across cities.
Business model
BluSmart's unique business model and market position
Founded in 2019 by Anmol Jaggi and Punit Goyal, BluSmart has carved a niche for itself in India's urban mobility space.
The company offers eco-friendly, EV-based ride-hailing services in Delhi-NCR and Bengaluru. It operates a fleet of over 7,000 EVs and has completed over 12 million trips.
Unlike competitors like Ola and Uber which follow an asset-light aggregator model, BluSmart owns and manages its vehicles while directly employing drivers.
Measures
Commitment to sustainability
Speculation of a strategic shift has triggered conversations in India's EV and mobility segments. Analysts observe the EV ride-hailing market is fraught with challenges like high operational costs and infrastructure bottlenecks. However, BluSmart's emphasis on sustainability and customer experience has garnered it a loyal base.