Is the electric cab service provider facing difficulties?
uber, a company that provides app-based cab service, can acquire electric vehicle cab service provider BluSmart. According to Moneycontrol sources, the talks between them are still in the initial stage. Gensol Engineering, the parent company of BluSmart, now wants to exit this cab service business.
The company said this on the acquisition by Uber
Let us tell you that the talks between the two companies are taking place at a time when Gensol Engineering is facing a serious financial situation. The company's shares are also seeing a huge decline. However, BluSmart has denied any kind of talks with uber on this.
A BlueSmart spokesperson has flatly denied any discussion or conversation about the acquisition of the company by Uber. He said that BluSmart is focusing on expanding its operations in the coming time. He called the claim of acquisition by uber in the report baseless.
BlueSmart is facing difficulties
Gensol Engineering, which works in the solar sector, entered the electric vehicle space through BlueSmart. When it was launched in the year 2019, it was believed that it would give tough competition to cab service providers like Ola, Uber. In the growing market of transport in urban areas, electric vehicle service BlueSmart promised to provide clean and pollution-free travel without any emissions. However, in the last few years it has also data-faced many difficulties. One is the pressure on the company due to the demand for EV charging infrastructure and higher payments to drivers. The situation is such that in recent times the company is facing difficulties in raising funds.
