The funding was in the form of a rights issue, and has not seen participation from new investors. The round also saw BluSmarts founders increasing their stake in the company.
Although Tata Motors’ a key investor in BluSmart, that hasn’t stopped Anmol Singh Jaggi to launch his own two-seater EV that may get some of the market share away from Tata Motors.
Gensol EV has also shared some specifications of the upcoming electric car. It claims to have a range of 200 km and a top speed of 80 kmph. These specifications suggest that the Gensol electric car could become the most affordable electric car in India upon its launch.