Lenders and leasing companies of BluSmart, the ride-hailing company that had to suspend its operations last months after the founders of its parent company were accused of financial irregularities, are reportedly looking to sell off 1,500-2,000 electric vehicles listed on it. 

According to a report in The Economic Times, banks, non-banking financial companies, investment platforms, climate financing institutions and even individuals are booking to sell these EVs that they had financed or leased to BluSmart as they attempt to recover their money. The report added that some of them have already claimed their vehicles.

Meanwhile, leasing companies are open to leasing their vehicles to other companies as well, the report added. Delhi-based all-electric taxi service Evera and Uber-backed Everest Fleet are two of the potential takers of these cars. 

Evera that has 300 EVs in its fleet, is in discussions to lease another 800-1,000 vehicles. Several small fleet operators are also being approached, said a source to the financial daily.

Additionally, multiple lessors have moved the Delhi High Court to prevent BluSmart or Gensol Engineering from creating any third-party rights on the vehicles they had supplied.

BluSmart had around 8,000 electric vehicles in its fleet. Gensol Engineering had nearly 5,000 vehicles that were owned or leased from lessors, which were then leased or sub-leased to BluSmart. 

An earlier report had stated that Power Finance Corp and Indian Renewable Energy Development Agency were considering auctioning the EVs that BluSmart had acquired by taking loans from these two public sector financial institutions. This came after the Securities and Exchange Board of India (SEBI) barred Gensol co-founders Anmol Singh Jaggi and Puneet Singh Jaggi from accessing the security markets over allegations of siphoning of funds and document forgery in their company.