In a significant twist in India's electric vehicle (EV) ride-hailing saga, Refex Mobility, now led by former BluSmart chief executive Anirudh Arun, is making a bid to acquire the assets of the bankrupt electric cab operator. The move aims to salvage key infrastructure, including over 5,000 charging stations and the company's technology platform.
The Bid and the Missed Deadline
Refex Mobility, a wholly-owned subsidiary of Refex Industries Ltd, has requested the interim resolution professional (IRP) handling BluSmart's insolvency to reopen the window for submitting Expressions of Interest (EoI). The firm missed the initial deadline in the second week of December 2025. The company is primarily targeting BluSmart's extensive charging network and its established technology stack, which can be repurposed for other green mobility projects.
Anirudh Arun, along with former BluSmart executives Rishabh Sood and Tushar Garg, exited the ride-hailing company during its debt-repayment crisis earlier in 2025. Arun joined Refex Mobility as its CEO in August 2025. Refex Mobility currently operates a fleet of more than 1,400 vehicles and is expanding in Bengaluru, Hyderabad, Delhi, Mumbai, and Chennai.
The Cascading Insolvency of BluSmart
The insolvency proceedings for BluSmart Mobility began on 28 July 2025, when the National Company Law Tribunal's (NCLT) Ahmedabad bench initiated the Corporate Insolvency Resolution Process (CIRP). This followed a plea by Catalyst Trusteeship over a default exceeding ₹1.28 crore. NPV Insolvency Professionals was appointed as the IRP.
The company's troubles are linked to its key lessor, Gensol Engineering Ltd. In March 2025, credit rating agencies ICRA and CARE downgraded Gensol's rating to junk status due to debt servicing delays. This prompted Refex Industries to cancel a ₹315-crore deal to acquire 2,997 electric cars Gensol had leased to BluSmart. Subsequently, in April 2025, SEBI barred Gensol, its CEO Anmol Singh Jaggi, and promoter director Puneet Singh Jaggi from the securities market over allegations of fund diversion.
Along with the parent company, subsidiaries BluSmart Mobility Tech Pvt. Ltd and BluSmart Fleet Pvt. Ltd are also under insolvency. A bankruptcy petition for BluSmart Charge Pvt. Ltd, which holds the charging infrastructure, is pending in Ahmedabad and is expected to be admitted soon.
Competition for Assets and Timeline Risks
By November 2025, around 15 bids had been received for BluSmart's assets. Other prospective resolution applicants included Vedanta Ltd and Jindal Power Ltd. Maruti Suzuki India Ltd had initially shown interest but later withdrew after reviewing the assets. Currently, only four firms have formally submitted their interests as potential buyers, with a primary focus on the charging infrastructure.
Legal experts warn that any delay in the EoI process will have a cascading effect. "A realistic resolution window now shifts to early or mid-2026," said Alay Razvi, managing partner at Accord Juris. He explained that if delays continue or consensus isn't reached, the process could drift close to the 330-day deadline under the Insolvency and Bankruptcy Code (IBC), after which liquidation becomes the default outcome. Prolonged uncertainty risks eroding the value of BluSmart's assets through operational disruptions.
For Refex Industries, green mobility is a growing segment. It contributed around 5% to the company's consolidated top line in the September quarter of FY26, up sharply from 1.5% a year ago. The company had green mobility assets worth about ₹205 crore as of Q2 FY26, and a successful acquisition would significantly increase this value.
