Lenders and lessors are planning to sell EVs on the BluSmart fleet to recover their dues. This and more in today’s ETtech Morning Dispatch.
Also in the letter:
■ Deeptech startups' investment surge
■ Karnataka gig fund
■ Capillary Tech buys Kognitiv assets
BluSmart lenders put EVs for sale to recover dues; Uber, Evera potential takers
Lenders and leasing firms are looking to sell 1,500-2,000 electric vehicles (EVs) that were part of BluSmart’s fleet, following the ride-hailing platform’s suspension of operations last month.
But first: State-owned Indian Renewable Energy Development Agency (Ireda) said on Wednesday it has filed an insolvency petition against Gensol Engineering for defaulting on Rs 510 crore in loans.
Ireda had extended loans to Gensol for EV purchases. However, a Sebi interim order in April revealed that Gensol and BluSmart cofounders Anmol Singh Jaggi and Puneet Singh Jaggi diverted those funds for personal use.
EVs up for sale: Banks, Non-Banking Financial Companies, investment platforms, climate-focused lenders, and even high-net-worth individuals are now looking to offload the EVs they financed or leased to BluSmart. Some have already taken possession of the vehicles.
Who’s taking them?
Also Read: Jaggi brothers resign from Gensol Engineering on Sebi order
New chip on the block: UP will host HCL-Foxconn JV
India is set to get its sixth semiconductor facility under the India Semiconductor Mission, after the Cabinet greenlit a Rs 3,706 crore plant to be built in Jewar, Uttar Pradesh.
Driving the news: Set up as a joint venture between HCL Group and Foxconn, the plant, which will start production in 2027, is projected to create 2,000 jobs. It will produce display driver chips for mobile phones, laptops, automobiles, PCs, and other devices.
Tell me more: In March, we reported the HCL-Foxconn joint venture was also in discussions with Larsen & Toubro (L&T) and Taiwanese giant CTCI to bring on board an EPC (engineering, procurement, and construction) partner for its outsourced semiconductor assembly and testing (OSAT) facility.
Making progress: The recently approved semiconductor facility takes the count of such units in the country to six. Five of them, cleared over the past few years, are in advanced stages of construction.
These include:
Also Read: Tatas may double iPhone casings capacity to one lakh
Deeptech startups snagged $324 million in first four months of the year
Deeptech investments in India surged in the first four months of 2025, reaching $324 million across 35 deals, more than double the $156 million raised from 21 deals during the same period in 2024, according to Venture Intelligence Data.
Major deals and investors:
What’s more: Rising commercial applications have boosted investor interest in deeptech startups. Government support for the sector has further strengthened the funding environment. However, growing interest has intensified competition, with smaller players now vying alongside major players.
Other Top Stories By Our Reporters
Aneesh Reddy, founder, Capillary Technologies
Capillary Tech buys assets of customer loyalty services firm Kognitiv: The deal will provide Capillary Tech access to over 30 enterprise clients of Kognitiv, including leading hotel companies in Australia and New Zealand, the UK, the Middle East, and the US, the company said in a news release.
Karnataka HC rejects PhonePe plea in cyber fraud case: “Confidentiality must coexist with accountability,” the court said, dismissing PhonePe’s plea challenging cyber police’s authority to seek information about its merchants.
Karnataka eyes gig fund rollout by August end: The state government has sent the Karnataka Platform-based Gig Workers (Social Security and Welfare) Bill 2024 to Raj Bhavan, requesting the issuance of an Ordinance.
Ixigo Q4 net profit doubles, operating revenue up 72%: Le Travenues Technology, the parent company of online travel aggregator Ixigo, experienced a 128% year-on-year increase in net profit to Rs 16.7 crore, while operating revenue surged 72% to Rs 284 crore.
Complement 1 raises $16 million: WhiteHat Jr founder Karan Bajaj’s new healthtech startup, Complement 1, raised $16 million in a seed funding round led by Owl Ventures and Blume Ventures.
Global Picks We Are Reading
■ US warns against using Huawei chips ‘anywhere in the world’ ( FT)
■ Elon Musk’s Grok AI can’t stop talking about ‘white genocide’ ( Wired)
■ Cisco systems boosts outlook after posting higher profit, sales ( WSJ)
Also in the letter:
■ Deeptech startups' investment surge
■ Karnataka gig fund
■ Capillary Tech buys Kognitiv assets
BluSmart lenders put EVs for sale to recover dues; Uber, Evera potential takers
Lenders and leasing firms are looking to sell 1,500-2,000 electric vehicles (EVs) that were part of BluSmart’s fleet, following the ride-hailing platform’s suspension of operations last month.
But first: State-owned Indian Renewable Energy Development Agency (Ireda) said on Wednesday it has filed an insolvency petition against Gensol Engineering for defaulting on Rs 510 crore in loans.
Ireda had extended loans to Gensol for EV purchases. However, a Sebi interim order in April revealed that Gensol and BluSmart cofounders Anmol Singh Jaggi and Puneet Singh Jaggi diverted those funds for personal use.
EVs up for sale: Banks, Non-Banking Financial Companies, investment platforms, climate-focused lenders, and even high-net-worth individuals are now looking to offload the EVs they financed or leased to BluSmart. Some have already taken possession of the vehicles.
Who’s taking them?
- Delhi-based Evera has added 300 of these EVs to its fleet and is in talks to lease another 800-1,000 vehicles.
- Uber-backed Everest Fleet is also exploring a deal, but is yet to finalise one.
Also Read: Jaggi brothers resign from Gensol Engineering on Sebi order
New chip on the block: UP will host HCL-Foxconn JV
India is set to get its sixth semiconductor facility under the India Semiconductor Mission, after the Cabinet greenlit a Rs 3,706 crore plant to be built in Jewar, Uttar Pradesh.
Driving the news: Set up as a joint venture between HCL Group and Foxconn, the plant, which will start production in 2027, is projected to create 2,000 jobs. It will produce display driver chips for mobile phones, laptops, automobiles, PCs, and other devices.
Tell me more: In March, we reported the HCL-Foxconn joint venture was also in discussions with Larsen & Toubro (L&T) and Taiwanese giant CTCI to bring on board an EPC (engineering, procurement, and construction) partner for its outsourced semiconductor assembly and testing (OSAT) facility.
Making progress: The recently approved semiconductor facility takes the count of such units in the country to six. Five of them, cleared over the past few years, are in advanced stages of construction.
These include:
- Tata Electronics' fab in Dholera.
- Micron's assembly, testing, marking, and packaging (ATMP) unit in Sanand.
- CG Powers' OSAT facility in Sanand.
- Kaynes' OSAT in Sanand.
- Tata Semiconductor Assembly and Test (TSAT) facility in Assam.
Also Read: Tatas may double iPhone casings capacity to one lakh
Deeptech startups snagged $324 million in first four months of the year
Deeptech investments in India surged in the first four months of 2025, reaching $324 million across 35 deals, more than double the $156 million raised from 21 deals during the same period in 2024, according to Venture Intelligence Data.
Major deals and investors:
- Netradyne: $90mn from Qualcomm Ventures, Point72 Ventures
- SpotDraft: $54mn from Trident Capital
- Infinite Uptime: $35mn from Tiger Global, GSR Ventures
- Tonbo Imaging: $21mn from Florintree
What’s more: Rising commercial applications have boosted investor interest in deeptech startups. Government support for the sector has further strengthened the funding environment. However, growing interest has intensified competition, with smaller players now vying alongside major players.
Other Top Stories By Our Reporters
Aneesh Reddy, founder, Capillary Technologies Capillary Tech buys assets of customer loyalty services firm Kognitiv: The deal will provide Capillary Tech access to over 30 enterprise clients of Kognitiv, including leading hotel companies in Australia and New Zealand, the UK, the Middle East, and the US, the company said in a news release.
Karnataka HC rejects PhonePe plea in cyber fraud case: “Confidentiality must coexist with accountability,” the court said, dismissing PhonePe’s plea challenging cyber police’s authority to seek information about its merchants.
Karnataka eyes gig fund rollout by August end: The state government has sent the Karnataka Platform-based Gig Workers (Social Security and Welfare) Bill 2024 to Raj Bhavan, requesting the issuance of an Ordinance.
Ixigo Q4 net profit doubles, operating revenue up 72%: Le Travenues Technology, the parent company of online travel aggregator Ixigo, experienced a 128% year-on-year increase in net profit to Rs 16.7 crore, while operating revenue surged 72% to Rs 284 crore.
Complement 1 raises $16 million: WhiteHat Jr founder Karan Bajaj’s new healthtech startup, Complement 1, raised $16 million in a seed funding round led by Owl Ventures and Blume Ventures.
Global Picks We Are Reading
■ US warns against using Huawei chips ‘anywhere in the world’ ( FT)
■ Elon Musk’s Grok AI can’t stop talking about ‘white genocide’ ( Wired)
■ Cisco systems boosts outlook after posting higher profit, sales ( WSJ)
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