Spark of Denial: BluSmart Rejects Uber Acquisition Rumors

BluSmart, India's top electric vehicle ride-hailing platform, has outrightly denied reports of acquisition discussions with Uber. The denial is amidst speculations that Uber was at an early stage of talks to buy BluSmart because its parent company, Gensol Engineering, was facing liquidity constraints. BluSmart is set on expanding operations and encouraging sustainable mobility. Though the company has faced financial issues, it is determined to meet its long-term objectives. Uber has not issued a statement. BluSmart updated its financials recently, which showed a possible way to profitability in the next five to six quarters.

 

Source: CNBC-TV18, BusinessWorld, Financial Express