Electric cab startup Evera Cabs is gearing up to expand its fleet by leasing 1,000 electric vehicles (EVs) from BluSmart, a rival that is currently undergoing insolvency proceedings. This smart move aims to strengthen Evera’s position in Delhi’s growing EV ride-hailing market while providing lenders with a recovery option.
The Leasing Proposal
Evera Cabs has submitted a formal proposal to lease 1,000 EVs owned by BluSmart’s key lessor, Gensol Engineering. These vehicles, including models like Tata Tigor, Citroën, and MG ZS, were financed by public sector lenders Power Finance Corporation (PFC) and Indian Renewable Energy Development Agency (IREDA). The lease plan involves monthly payments, with Evera onboarding the cars in phases after inspecting their condition.
Evera has already integrated 300 BluSmart EVs and some of BluSmart’s drivers, including about 10% women drivers, focusing on expanding airport and corporate transport services in Delhi NCR.
Background and Industry Context
BluSmart entered insolvency due to funding troubles and governance issues, leaving over 4,000 EVs idle under Gensol’s control. Over 200 creditors, including PFC and IREDA, have claims worth approximately ₹500 crore. The insolvency resolution professional is managing the assets to maximize recovery.
Evera’s proposal offers a practical solution by redeploying these vehicles, helping lenders reclaim dues and supporting the growth of clean electric mobility in India.
What This Means for EV Mobility in India
The EV cab sector in India is rapidly growing, estimated to be worth $2 billion and expanding annually by 30%. Evera’s strategy aligns with this trend, focusing on scalable, sustainable transportation options and supporting Atmanirbhar Bharat goals by utilizing locally financed EV assets.
By expanding the electric fleet and adding reliable driver networks, Evera aims to dominate the Delhi airport and urban mobility services with no surge pricing or cancellations.
Next Steps
Evera’s leasing plan is currently under review by the insolvency professionals and creditors’ committee, with a decision expected by the end of 2025. If approved, this could mark a major step for the company and set an example for navigating asset utilization during insolvency cases in India’s EV ecosystem.
