BluSmart investors propose $30M in new funding to revive the Uber rival

A group of investors are considering a plan to inject another $30 million into BluSmart in a bid to revive the Indian cab-hailing startup that abruptly halted operations last month, TechCrunch has learned. The proposal from these existing investors has a catch: its contingent on BluSmart co-founder Anmol Singh Jaggi agreeing to resign. The proposed investment will be treated in the form of unsecured debt and will be aimed at fixing the startup’s operational liabilities, including pending dues and employee salaries, two sources told TechCrunch. BluSmart’s investors with pro-rata rights, including BP Ventures and Switzerland-based ResponsAbility, started discussing the resolution last week. BP Ventures and ResponsAbility declined to comment when reached out on Monday. While Jaggi has not signed the resignation from BluSmart, sources told TechCrunch he has verbally agreed to resign from its board, subject to assurance he will not face any future legal action from BluSmart’s investors ... Read full article.