Fleet Revival: Signodrive Steps In to Operate Gensol’s 4,000 EVs Amid Insolvency

Signodrive takes the wheel as Gensol’s EV fleet finds new life post-bankruptcy  
In a significant development for India’s electric mobility sector, Signodrive Technologies Pvt. Ltd. has secured a ₹154 crore contract to operate Gensol Engineering Ltd.’s 4,000 electric vehicles. The fleet, previously managed under the BluSmart Mobility brand, was locked in bankruptcy proceedings following financial irregularities linked to the Jaggi brothers and SEBI’s probe into fund diversion and loan defaults exceeding ₹500 crore.

Under the new agreement, Signodrive will run the EVs for 24 months, with an 18-month lock-in period. The vehicles will serve both business-to-consumer platforms like Rapido and select B2B clients. The operational value is pegged at ₹16,000 per vehicle per month, offering a strategic boost to Signodrive’s commercial driver management platform.

Major takeaways  

• Signodrive to operate 4,000 EVs for 24 months under ₹154 crore contract  
• Fleet previously managed by BluSmart Mobility, now revived post-Gensol insolvency  
• Vehicles to serve B2C clients like Rapido and select B2B partners  
• Monthly operational value estimated at ₹16,000 per vehicle  
• Gensol’s insolvency linked to SEBI probe and ₹500 crore loan defaults to IREDA  

Sources: NDTV Profit, ScanX News, Insolvency Guardian