BluSmart Appoints Grant Thornton for Forensic Audit During Financial Turmoil

BluSmart, India's electric ride-hailing company and a competitor to Uber, has appointed Grant Thornton for conducting a forensic audit, it has been reported, after accusations of accounting irregularities tied to its co-founder and major partner, Gensol Engineering. The step has been taken as BluSmart has been facing increasing challenges, including operational disruptions and cash flow issues.

 

Key Highlights:

✅ Forensic Audit Started: BluSmart has hired Grant Thornton to look into financial anomalies, maintaining transparency and accountability.

✅ Challenges in Operations: The company has suspended ride bookings temporarily, blaming internal audits and financial pressure.

✅ Gensol Engineering Connection: Schemes of fund diversion by Gensol Engineering, BluSmart's major partner, have brought regulatory attention and SEBI action.

✅ Strategic Shift: BluSmart is said to be converting its fleet to Uber under the Uber Green program, a move away from its core ride-hailing business.

✅ Future Prospects: Experts indicate that BluSmart's audit results and strategic shifts will decide its prospects of overcoming financial woes and maintaining operations.

 

With this key audit, BluSmart hopes to revive stakeholder confidence, with long-term stability and growth.

 

Source: India Today, The Hindu, Financial Express