**Refex Mobility Pursues BluSmart’s Assets Amid Bankruptcy Proceedings**
Refex Mobility, under the leadership of former BluSmart CEO Anirudh Arun, is actively seeking to acquire the assets of the struggling electric cab operator, BluSmart. Sources indicate that Arun aims to regain control of the defunct company through Refex Mobility, which currently operates a fleet of over 1,400 vehicles. The company is particularly interested in BluSmart’s extensive network of more than 5,000 charging stations and its technology infrastructure. Refex has requested its interim resolution professional (IRP) to reopen the expression of interest (EoI) window after missing the initial deadline.
Refex Mobility is a wholly owned subsidiary of Refex Industries Ltd, which had previously been in negotiations to acquire 2,997 electric vehicles leased to BluSmart from Gensol Engineering Ltd. However, those discussions were halted in March following a downgrade of Gensol’s credit rating. Arun, who left BluSmart during its debt crisis in early 2025, joined Refex Mobility as CEO in August, alongside other former executives.
The situation escalated in March when credit rating agencies downgraded Gensol’s rating to junk status due to delays in debt servicing, leading Refex Industries to cancel a ₹315-crore deal with the company. In April, the Securities and Exchange Board of India (Sebi) barred Gensol and its executives from the securities market over allegations of fund diversion, resulting in a halt to the company’s operations and subsequent insolvency proceedings.
On July 28, the National Company Law Tribunal (NCLT) initiated the corporate insolvency resolution process (CIRP) for BluSmart Mobility following a petition from Catalyst Trusteeship over a default exceeding ₹1.28 crore. The bankruptcy court appointed NPV Insolvency Professionals as the IRP. By late July, various stakeholders had approached the IRP to claim unpaid dues, and bids for resolution were invited by August. By November, around 15 bids had been submitted, including one from Refex Mobility, although the company missed the EoI submission deadline in December.
As Refex Mobility expands its operations across five major cities—Bengaluru, Hyderabad, Delhi, Mumbai, and Chennai—it remains to be seen how the ongoing bankruptcy proceedings will impact its ambitions to acquire BluSmart’s assets.
**FAQ**
*What is Refex Mobility’s interest in BluSmart?*
Refex Mobility is seeking to acquire BluSmart’s assets, including its charging stations and technology, as part of its strategy to expand its electric vehicle operations.
