Leadership Overhaul and Fleet Restructuring: How BluSmart’s ₹315 Crore Deal and Key Executive Exits Shape its Future

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April 21, 2025

Image of blusmart — Leadership Overhaul and Fleet Restructuring: How BluSmart’s ₹315 Crore Deal and Key Executive Exits Shape its Future

BluSmart Mobility is in the midst of a significant overhaul to stabilize its finances, which has resulted in several key executive departures. CEO Anirudh Arun, Chief Business Officer Tushar Garg, Chief Technology Officer Rishabh Sood, and Vice-President of Experience Priya Chakravarthy have all resigned from their positions, as reported by The Morning Context.

In light of these changes, Nandan Sharma, who was previously Vice-President of Business and Operations, has stepped in as the new CEO.

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Restructuring and Fleet Transition

This restructuring comes as BluSmart’s parent company, Gensol Engineering, is unwinding its existing fleet leasing contracts. As part of this strategy, Gensol has agreed to sell 2,997 electric vehicles, which account for 34% of BluSmart’s total fleet, to Refex Green Mobility, a Chennai-based company. These vehicles will then be leased back to BluSmart. Additionally, Refex will assume a ₹315 crore loan from Gensol. However, this deal is still awaiting approval from the relevant regulatory bodies.

Despite these structural adjustments, BluSmart has assured its customers that the company’s ride-hailing services will not be impacted.

Operational Hurdles

These leadership changes come at a time when Gensol Engineering is facing financial difficulties. Two major credit rating agencies have downgraded the company’s borrowing status, which has intensified pressure on the ongoing restructuring process.

BluSmart’s operations span Delhi-NCR, Bengaluru, and more recently, Mumbai. The company claims that its fleet of electric vehicles completes an average of seven trips daily, supported by a robust infrastructure that includes 50 charging hubs with over 6,300 charging points.

Fleet Expansion and Financial Update

In an effort to expand its fleet, BluSmart launched the ‘BluSmart Assured’ leasing program, which allows investors and high-net-worth individuals to lease electric vehicles directly to the company. This initiative has contributed nearly 1,000 vehicles worth ₹150 crore to BluSmart’s fleet.

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Currently, BluSmart generates ₹70 crore in monthly revenue, translating to an annual run rate of ₹840 crore. As of March 2025, the company’s total debt stands at ₹980 crore, with a net outstanding debt of ₹280 crore, according to Anmol Jaggi, founder of Gensol Group and BluSmart co-founder, in an exclusive interview with Business Standard.

Aman Gupta of boAt Calls Out BluSmart’s Fraud Scandal, Warns Founders to Prioritize Ethics Over Rapid Growth

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April 21, 2025

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Image of boat — Aman Gupta of boAt Calls Out BluSmart’s Fraud Scandal, Warns Founders to Prioritize Ethics Over Rapid Growth

Aman Gupta, co-founder of boAt and a familiar face from Shark Tank India, has weighed in on the BluSmart controversy, calling it a cautionary tale for startups chasing growth at any cost.

Taking to X (formerly Twitter), Gupta didn’t hold back. He spoke candidly about the fallout from BluSmart’s financial irregularities, pointing out how such lapses don’t just affect founders—they ripple out to investors, employees, and customers too.

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“Investors lost their money, founders lost precious years, employees lost stability, and customers lost a service they truly relied on,” he wrote. The impact, he added, goes beyond one company’s collapse. Scandals like this shake faith in India’s startup ecosystem, making it harder for everyone to raise funds or build trust with users.

Gupta also touched on values that seem to be getting lost in the race for scale. Quoting a lesson from his childhood, he said, “Bachpan mein jo parents ne sikhaya tha, woh kabhi na bhulo—jo bhi karo, dil se karo. Par galat na karo.” (Never forget what your parents taught you—whatever you do, do it with heart, but never do wrong.)

His message was clear: ethics and accountability aren’t optional add-ons—they’re the foundation. From clean books and timely audits to honest communication, he urged fellow founders to treat governance as seriously as product-market fit or growth metrics.

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In a space that often celebrates speed and hustle, Gupta’s post felt like a reality check—and a reminder that shortcuts in business rarely end well.

Good Monk Raises $2M Pre-Series A Led by RPSG Capital Ventures to Revolutionize Daily Nutrition in India

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April 21, 2025

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Image of good monk — Good Monk Raises $2M Pre-Series A Led by RPSG Capital Ventures to Revolutionize Daily Nutrition in India

Good Monk, a young Bengaluru-based nutrition startup, has raised $2 million in pre-Series A funding, with RPSG Capital Ventures leading the round. Existing investors Multiply Ventures, Sharrp Ventures, and ThinKuvate also doubled down on their support in this latest infusion of capital.

Launched in 2022 by Amarpreet Singh Anand and Sahiba Kaur, Good Monk has carved a niche for itself by developing nutrition products that are easy to use, science-backed, and—perhaps most importantly—don’t mess with the taste of everyday food. Their range includes multivitamins, fiber blends, and probiotics tailored for all age groups—from kids to seniors.

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What sets them apart? Their mixes are designed to be added directly into meals, no pills or bitter aftertastes involved. The idea is to make healthy living as effortless and routine as, say, stirring sugar into tea.

Speaking about the fresh round of funding, cofounder Amarpreet Singh Anand said, “We’re on a mission to help Indian families take charge of their health—without turning mealtime into a chore. Nutrition should be simple, clean, and something you don’t have to think twice about.”

RPSG Capital Ventures, which has previously backed health-forward brands like Nutrabay, Plix, and True Elements, sees this as a strong continuation of its focus on the wellness space.

“There’s a clear shift happening—consumers are fed up with complicated formats. They want supplements that actually fit into real life,” said Abhishek Goenka, Managing Partner at RPSG Capital Ventures. “Good Monk nails that.”

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The new funding will help the startup expand its reach, build out its R&D, and bring more fuss-free nutrition products to market in a category that’s finally getting the attention it deserves.

Delhivery’s Bold ₹1,407 Cr Power Move: Snapping Up Ecom Express at an 80% Discount, Now Awaits CCI Nod

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April 21, 2025

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Image of delhivery — Delhivery’s Bold ₹1,407 Cr Power Move: Snapping Up Ecom Express at an 80% Discount, Now Awaits CCI Nod

A few weeks after Delhivery made headlines with its plan to acquire nearly all of Ecom Express for ₹1,407 crore, the two logistics players have now knocked on the doors of India’s antitrust watchdog, the Competition Commission of India (CCI), to get the green light.

In their joint filing, the companies argued that the deal isn’t likely to shake up the market or distort competition in any meaningful way. They’ve suggested that defining specific product categories or geographical markets isn’t necessary, since the acquisition won’t tilt the scales in favor of either party or hurt any existing competitors.

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That said, both companies did acknowledge that they operate in overlapping segments—namely logistics services, express parcel delivery, warehousing, and supply chain solutions. They also highlighted a “vertical link” between them, especially in areas like intralogistics automation and downstream logistics functions.

Defending the move, Delhivery and Ecom Express framed the deal as a step toward better efficiency, faster deliveries, and broader service reach—benefits they say align with the ongoing push to upgrade India’s logistics backbone. They cited Section 5(a) of the Competition Act, 2002, which outlines thresholds based on asset size or turnover for deals requiring CCI approval.

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The transaction drew attention earlier this month not just for its scale, but for its price. Delhivery is picking up a 99.4% stake in Ecom Express for a sum that’s 80% below the company’s last reported valuation of ₹7,300 crore in June 2024—a markdown that sparked talk of a fire sale in the industry.

From the Brink of Collapse to $200M ARR: How Aadit Palicha Steered Zepto’s Ad Business Through Chaos

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April 21, 2025

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Image of zepto — From the Brink of Collapse to $200M ARR: How Aadit Palicha Steered Zepto’s Ad Business Through Chaos

Zepto’s cofounder and CEO Aadit Palicha recently shared that the company’s advertising division has seen an explosive rise, scaling its annualised revenue run-rate (ARR) from $40 million to over $200 million in just a year. He revealed this during a conversation with Y Combinator’s CEO, Garry Tan. While Palicha didn’t specify the exact timeline, he made it clear that this jump reflects serious momentum.

“Our ad platform has gone through a serious evolution,” he explained. “We’ve built a top-tier system here in India – from real-time bidding to campaign tools, attribution, and even AI-powered keyword suggestions. It’s not just functional; it performs.”

The company is also expanding beyond groceries, exploring categories like electronics, fashion, beauty, and general merchandise to fuel its next phase of growth.

But things haven’t always been smooth sailing.

Palicha opened up about a particularly difficult stretch between 2022 and 2023 when Zepto was on the edge of collapse. A harsh funding climate, the unexpected Silicon Valley Bank meltdown, and a series of misfires in hiring almost took the company down.

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“Looking back, we definitely made the wrong calls when it came to hiring in critical areas – finance, marketing, operations, category leadership. If we’d had the right people in place back then, we could’ve avoided some big setbacks,” he admitted. “That phase was brutal… our runway was tight, and the SVB incident came close to taking us out.”

He also reflected on Zepto’s earliest days, before its well-known pivot to the 10-minute delivery model. Investor confidence was low, user retention was weak, and the general sentiment around grocery delivery in India was bleak.

“There was a time when it felt like the whole thing was going to crash and burn,” Palicha said. “The feedback we were getting made us seriously question whether it was worth continuing. That was probably the moment when the company was closest to dying.”

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What got them through? Discipline. According to Palicha, it was a combination of financial restraint and pushing through tough decisions that helped Zepto survive and come out stronger.

5 Reasons Healthy QSRs Haven’t Worked in India And What Founders & Investors Need to Rethink

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April 19, 2025

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Inspired by Dilip Kumar’s insightful LinkedIn post

There’s a massive opportunity waiting to be tapped—building a scalable, healthy QSR (quick service restaurant) in India. With rising incomes, growing cities, and increasing awareness about fitness, the timing feels right. Yet, most “healthy” QSRs fail to scale.

Why? Because health isn’t a food category. It’s just a feature. And QSRs thrive on habit, indulgence, and affordability—three things health-first brands often miss.

1. Health doesn’t beat hunger—or price.

Let’s be real: most consumers won’t spend ₹300 on a salad when a biryani or dosa fills you up for half that. Health is an aspiration, not a necessity. Value wins every single time.

2. Cravings fuel repeat orders. Not protein counts.

People don’t eat out because of discipline. They do it for the dopamine hit. The QSRs that win are the ones that trigger cravings—fat, salt, sugar. Millet bowls don’t stand a chance against butter-loaded rolls.

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3. Indian eating habits are sticky.

The average Indian sticks to a familiar weekly menu. When a healthy QSR introduces things like hummus or lettuce wraps, it feels disconnected. If it doesn’t align with everyday eating patterns, it just won’t work.

4. The numbers don’t add up.

Quality inputs cost more. Wastage is higher. Margins are razor-thin. Without high-margin combos like fries and sodas, it’s hard to balance the books. Scaling becomes a financial slog.

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5. Food is joy—not guilt.

In India, food is emotional. A vada pav or jalebi is a hug, not a lecture. Most healthy QSRs feel like a scolding parent, not a source of joy. And that’s a brand problem.

So what’s the fix?

Lead with delicious, not disciplined.
Wrap health inside familiar formats—think millet biryanis, chapati tacos.
Hit the ₹99–₹199 sweet spot.
Make it fast, seamless, and Gen Z-friendly.
Stop preaching. Start delighting.

A healthy QSR can work in India—but only if it feels like a treat, not a task.

Justdial Clocks Rs 157.6 Cr Profit in Q4, Up 36% YoY Mobile Traffic Dominates, Listings Surge Past 4.8 Cr

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April 19, 2025

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Image of justdail — Justdial Clocks Rs 157.6 Cr Profit in Q4, Up 36% YoY — Mobile Traffic Dominates, Listings Surge Past 4.8 Cr

Justdial closed the last quarter of FY25 with solid numbers across the board, posting a net profit of Rs 157.6 crore, a 36% jump over the Rs 115.65 crore it made during the same period last year. Compared to the previous quarter, profits also rose 20%, up from Rs 131.31 crore.

Backed by Reliance Retail, the hyperlocal search platform saw revenues from operations reach Rs 289.2 crore, a modest 7% increase year-on-year. The quarter-on-quarter change was more subtle, ticking up from Rs 287.33 crore in Q3.

In its investor update, the company said it pulled in an operating EBITDA of Rs 86.1 crore, up from Rs 70.7 crore last year—a 22% rise. The EBITDA margin now stands at 29.8%, which is 363 basis points higher than a year ago.

Costs were kept in check, rising only slightly. Total expenses for Q4 hit Rs 218.32 crore, up 2% YoY and 1% QoQ, showing efficient spending despite higher traffic and expanded listings.

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Speaking of traffic—Justdial logged 19.13 crore total visits this quarter, an 11.8% rise from last year and basically flat quarter-over-quarter. Mobile devices drove the lion’s share, with 86.9% of users accessing the platform via smartphones, followed by 10.5% from desktops and 2.6% through voice-based platforms.

On the business side, Justdial’s active listings touched 4.88 crore as of March 31, 2025, marking a 12% rise YoY and 2.6% jump from the previous quarter. The company added 12.31 lakh new listings in Q4 alone—no small feat.

Out of the total, 3.27 crore listings were geocoded, showing a 15% increase over the past year. The platform is also becoming more visual: it now hosts 22.73 crore images across its listings, which is 20.6% more than a year ago and 5.2% more than the previous quarter.

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Justdial’s growth in both traffic and revenue suggests that local search still holds strong relevance, especially on mobile. With Reliance’s backing and consistent quarterly gains, the company appears to be quietly solidifying its place in India’s digital-first consumer landscape.

Zomato-Blinkit Parent Eternal Moves to Cap Foreign Ownership at 49.5% Amid Government’s Push for Local Control

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April 19, 2025

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Image of zomato & blinkit — Zomato-Blinkit Parent Eternal Moves to Cap Foreign Ownership at 49.5% Amid Government’s Push for Local Control

Eternal, the parent company of Zomato and Blinkit, is planning to draw a line in the sand when it comes to foreign ownership. In a board meeting held earlier today, the company greenlit a proposal to limit total foreign shareholding to 49.5%, on a fully diluted basis. This includes foreign direct investors (FDI), foreign portfolio investors (FPIs), and even non-resident Indians (NRIs).

The next step? Getting the green signal from shareholders.

As of the end of March 2025, foreign entities held 44.36% of Eternal—down from 47.30% just three months prior. Some of the international heavyweights on the cap table include the Kuwait Investment Authority, Antfin, Vanguard, and the Singapore government.

Meanwhile, Indian investors have been quietly gaining ground. Domestic ownership rose to 23.56% by the end of March, up from 20.54% in December. Indian mutual funds like Mirae Asset, HDFC, Axis, ICICI, and Kotak are all on board.

For context: under India’s rules, FPI ownership is usually capped at 24%, while NRIs are allowed up to 10% of a company’s paid-up capital. But Eternal’s proposed cap of 49.5% is more of a preemptive strategic move—likely driven by shifting political winds rather than legal thresholds.

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So why now?

It seems to be a response to signals from the government. Commerce Minister Piyush Goyal, while speaking at the Startup Mahakumbh, took subtle jabs at Indian startups overly reliant on foreign money—particularly in the fast-growing space of quick commerce and grocery delivery.

Referring to Zepto’s upcoming IPO plans, Goyal remarked:

“I have no issue with instant grocery delivery companies going public—even if they’re valued in billions. I just wish more Indian investors were part of that journey, instead of watching foreigners scoop up our homegrown startups.”

That sentiment appears to be resonating. Zepto, Flipkart, and Blinkit—three giants in the quick commerce race—all have sizable foreign ownership. While Flipkart is controlled by Walmart, Zepto counts General Catalyst, Y-Combinator, and Lightspeed among its key backers.

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Eternal, by proactively limiting foreign control, seems to be positioning itself as more aligned with India’s economic nationalism. As the IPO spotlight intensifies in this sector, the message from the top is clear: more desi capital, less foreign dominance.

ITC Buys Out 24 Mantra Organic in Rs 472.5 Cr Deal, Eyes Big Slice of India’s Clean Food Market

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April 19, 2025

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Image of 24 mantra organic — ITC Buys Out 24 Mantra Organic in Rs 472.5 Cr Deal, Eyes Big Slice of India’s Clean Food Market

In a bold step toward strengthening its health-forward foods portfolio, ITC Ltd. has signed a deal to fully acquire Sresta Natural Bioproducts Pvt. Ltd., the company behind 24 Mantra Organic, one of India’s most well-known organic food brands. The all-cash transaction is valued at Rs 472.5 crore.

This acquisition gives ITC 100% control of the Hyderabad-based company and its extensive lineup of over 100 certified organic products—ranging from staples like rice and flour to spices, oils, and even beverages. The company also has a strong presence in global markets, especially among Indian communities abroad who rely on its offerings for a taste of home.

The deal includes Rs 400 crore to be paid upfront, with an additional Rs 72.5 crore potentially payable over the next two years, depending on performance milestones. The share transfer is expected to close in the first quarter of FY 2025–26, barring any delays.

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For ITC, this is more than just another acquisition. It’s a calculated move that aligns with its larger game plan—‘ITC Next’, an initiative focused on building a modern, diverse portfolio that caters to changing consumer tastes, particularly in the wellness and sustainability spaces.

Hemant Malik, Executive Director of ITC, said the addition of 24 Mantra Organic fits perfectly with the company’s growing range of nutrition-driven foods. “They’ve built not just a brand, but a solid supply chain that ensures authenticity and trust. We’re excited to take it to the next level,” he shared.

24 Mantra Organic has long stood for clean, conscious eating and ethical sourcing, and that mission isn’t changing. Founder and Managing Director Rajashekar Reddy Seelam emphasized the shared values between the two companies: “We started with the idea of supporting farmers and providing truly healthy options to consumers. With ITC’s reach and innovation muscle, we can now scale that mission like never before.”

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The deal places ITC squarely in the growing organic food space—one where trust, traceability, and clean labels are not just nice-to-haves, but must-haves. With demand rising both in India and abroad, this acquisition gives ITC a powerful edge in winning over the next generation of health-conscious eaters.

ITC Doubles Down on Natural Baby Care with Full Buyout of Mother Sparsh in Rs 126 Crore Deal

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April 19, 2025

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Image of mother sparsh — ITC Doubles Down on Natural Baby Care with Full Buyout of Mother Sparsh in Rs 126 Crore Deal

ITC Ltd. is going all-in on baby care. The FMCG giant has signed off on a deal to acquire the remaining 73.5% stake in Mother Sparsh Baby Care Pvt. Ltd., a young Ayurvedic brand that’s carved out a name in the natural baby products space. With this move, ITC now owns the company outright, bringing its total investment in Mother Sparsh to Rs 126 crore.

To seal the deal, ITC will be putting in Rs 81 crore—a mix of fresh capital and buying out existing shareholders.

For Himanshu, the founder and CEO of Mother Sparsh, this is a full-circle moment. “ITC believed in us early on, and it’s exciting to see them backing us even more strongly now. We’ve always aimed to create honest, effective products for Indian parents, and now we can do that on a much larger canvas,” he said.

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Founded with a vision to bring Ayurveda into modern baby care, Mother Sparsh has built a portfolio that includes everything from natural wipes and shampoos to health and hygiene essentials. A lot of that growth has been powered by their digital-first model—selling directly through their own website as well as major e-commerce platforms. The brand is currently clocking an annual revenue run rate of over Rs 110 crore.

For ITC, this isn’t just about baby lotion and wipes. The move lines up with its broader push under the ‘ITC Next’ strategy, which focuses on future-ready categories and digitally-driven brands.

“This is more than an acquisition—it’s a strategic leap into a category that’s growing fast and resonates deeply with the Indian consumer,” said Sameer Satpathy, who heads the Personal Care division at ITC. “Mother Sparsh has done the hard work of building a brand grounded in trust, innovation, and Indian values. Now, we’re here to scale it.”

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With ITC’s resources and Mother Sparsh’s niche expertise, this partnership could shake things up in a space where trust is everything and consumers are shifting toward clean, conscious choices.

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