Evera Cabs Offers to Lease 1,000 BluSmart EVs Amid Lender Recovery Efforts

Delhi-based electric cab startup Evera Cabs has submitted a proposal to lease 1,000 electric vehicles (EVs) previously operated by the now-defunct BluSmart, financed by public sector lenders Power Finance Corporation (PFC) and Indian Renewable Energy Development Agency (IREDA), as reported on September 19, 2025. This move comes amid insolvency proceedings for Gensol Engineering, BluSmart’s key lessor, and aims to redeploy idle assets while supporting lender recovery. Evera, which has already acquired 300 BluSmart EVs, seeks to expand its fleet for airport and B2B services. In this article, we delve into the proposal details, strategic motivations, and its implications for India’s EV ride-hailing sector. Source: Business Standard, 2025

The Lease Proposal: Key Details

Evera’s offer targets a portion of BluSmart’s fleet of over 4,000 EVs leased from Gensol, now under the National Company Law Tribunal (NCLT) due to insolvency. Key aspects include:

• Fleet Scope: The proposal covers 1,000 EVs, including models like Tata Tigor, Citroën, and MG ZS, financed by PFC and IREDA.
• Lease Structure: Monthly lease payments to generate revenue for lenders while redeploying vehicles, with Evera assessing assets in batches for operational viability.
• Current Status: Evera has already integrated 300 repossessed EVs and onboarded 150 BluSmart drivers, with 10% being women, focusing on Delhi airport services.
• Insolvency Context: Gensol’s proceedings, triggered by BluSmart’s April 2025 suspension due to funding issues and governance allegations, left lenders racing to recover dues through sales or leases.

Evera CEO Nimish Trivedi emphasized redeploying assets to meet market demand, stating, “We are busy getting these assets back on the road.”

Strategic Motivations for Evera

Evera’s proposal aligns with its growth ambitions in India’s $10 billion EV mobility market:

• Fleet Expansion: Adding 1,000 EVs would scale Evera’s operations, targeting B2C airport rides and B2B corporate transport, filling the gap left by BluSmart.
• Market Opportunity: With BluSmart’s exit, Evera aims for ₹100 crore revenue in FY26, leveraging acquired EVs for surge-free, zero-cancellation services.
• Lender Synergy: The lease aids PFC and IREDA in recovering value from idle assets, avoiding depreciation and potential unserviceability.
• EV Ecosystem Boost: Supports India’s EV adoption, aligning with the sixfold electronics manufacturing growth and $20 billion Semiconductor Scheme.

Implications for India’s EV Mobility Sector

The proposal has broader ramifications:

1. Asset Redeployment: Helps resolve BluSmart’s legacy, preventing a fire sale of 1,500-2,000 EVs and stabilizing the market.
2. Startup Resilience: Demonstrates how players like Evera capitalize on competitors’ failures, similar to Uber’s past interest in BluSmart’s fleet.
3. Lender Recovery: Offers PFC and IREDA a revenue stream, addressing ₹500 crore creditor claims in Gensol’s insolvency.
4. Job Preservation: Onboarding BluSmart drivers (over 10,000 affected) sustains employment in the gig economy.

The Bigger Picture: India’s EV Ride-Hailing Landscape

Evera’s move reflects consolidation in India’s EV cab sector, valued at $2 billion and growing 30% annually. Amid festive e-commerce surges (115% urban growth) and quick commerce booms (Blinkit-Zepto’s 1 billion orders), efficient last-mile mobility is key. The proposal supports Atmanirbhar Bharat by redeploying indigenous EVs, paralleling global trends like SpaceX’s $17B spectrum deal for connectivity.

Challenges include governance issues plaguing startups like BluSmart and regulatory hurdles for fleet financing.

What’s Next for Evera and the Deal?

Key developments include:

• IRP and CoC review of Evera’s proposal, with decisions expected by Q4 2025.
• Evera’s fleet integration and driver onboarding, targeting Delhi NCR dominance.
• Potential similar deals with Everest Fleet or small operators for remaining assets.
• Broader lender strategies to offload 1,500-2,000 EVs.

Conclusion

Evera Cabs’ offer to lease 1,000 BluSmart EVs is a pragmatic step to revive idle assets, aiding lender recovery while fueling its expansion. In India’s competitive EV mobility space, this deal underscores resilience and opportunity amid sector disruptions.