Gensol
Gensol is an India-based renewable energy company providing solar EPC services and historically operating the BluSmart EV ride-hailing service and green hydrogen projects via Matrix Gas and Renewables, now facing major legal and asset-freeze actions over alleged loan diversion from public lenders.
- Company typePrivate
- Founded2007
- HeadquartersAhmedabad, India
- Headcount1,001–5,000
- GTM typeB2B
- OfferingServices
What Gensol does
Gensol is an India-based renewable energy company founded in 2007 and headquartered in Ahmedabad, publicly listed on the Bombay Stock Exchange (BOM:542851) with a headcount of 1,001-5,000 employees. The company's core business is solar Engineering, Procurement, and Construction (EPC) services in the Indian market, where it has secured large-scale project contracts. Beyond solar, Gensol expanded into electric mobility through subsidiary BluSmart, an electric ride-hailing service, and into EV procurement via Go Auto Pvt Ltd, attempting vertical integration from solar generation assets through to electrified transport.
The business model historically combined solar EPC contract revenue with EV fleet operations under the Gensol Group umbrella. Gensol also pursued green hydrogen projects under India's National Green Hydrogen Mission through subsidiary Matrix Gas and Renewables Ltd. Capital for these ventures was sourced substantially from Indian government financial institutions IREDA and Power Finance Corporation, alongside Toyota Financial Services for vehicle financing. Since 2025 the company has been in severe operational and legal distress: BluSmart shut down in February 2025, the Enforcement Directorate has attached assets worth Rs 87.41 crore plus luxury apartments valued at approximately Rs 73 crore, and investigations allege diversion of Rs 505.27 crore in public-sector loans. The company's public website currently displays a placeholder page, and overall operating status of the parent group is uncertain amid ongoing money laundering and fraud proceedings.
Gensol firmographics
Firmographics- Name
- Gensol
- Legal name
- Gensol
- Website
- https://gensol.in
- Company type
- Private
- Founded year
- 2007
- Operating status
- Operating
- Headcount range
- 1,001–5,000 employees
- Short description
- Gensol is an India-based renewable energy company providing solar EPC services and historically operating the BluSmart EV ride-hailing service and green hydrogen projects via Matrix Gas and Renewables, now facing major legal and asset-freeze actions over alleged loan diversion from public lenders.
- Ownership category
- akta.pro rank
Gensol industry classification
Industry- Product category
- Solar EPC and Renewable Energy Services
- NAICS
- Solar Electric Power Generation (221114)
- SIC
- Electric Services (4911)
- akta.pro primary industry
- Solar EPC & Construction (Utility-Scale, Rooftop, Balance of System) (EUAMABAB)
- akta.pro secondary industries
- Utility-Scale PV EPC (Engineering, Procurement & Construction) (EUACAGAB), Solar PV Power Plant EPC (Utility-Scale) (EUAEAAAG)
Keywords
Where Gensol is headquartered
LocationHeadquarters
- HQ city
- Ahmedabad
- HQ country
- India
- HQ region
- Asia
Markets served
Gensol business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Supply Chain, Personnel, Operations, Technology or R&D, Others
Gensol product offering
Product offeringCore offering
Gensol delivers solar Engineering, Procurement, and Construction (EPC) services along with solar advisory, monitoring, and analysis for renewable energy projects in India. Beyond solar, it has built adjacencies into electric vehicle fleet operations via its BluSmart ride-hailing subsidiary and into green hydrogen project execution via Matrix Gas and Renewables Ltd. The fundamental business is project-based solar EPC delivery and renewable energy advisory services to commercial and government clients.
Product overview
Gensol is an Indian clean energy company operating primarily in the solar and electric vehicle sectors. The company offers solar EPC (Engineering, Procurement, and Construction) services and is involved in EV fleet management for BluSmart. The company is also expanding into green hydrogen solutions through partnerships with entities like Matrix Gas and Renewables Ltd under the National Green Hydrogen Mission.
Differentiator
Problem solved
Functional benefit
Products and services
- Solar EPC Services Engineering, Procurement, and Construction (EPC) services for solar power projects, delivered to utilities, infrastructure developers, and commercial/industrial clients in India.
- EV Fleet Management (BluSmart) Electric vehicle fleet operations and procurement for the BluSmart ride-hailing service, supporting urban EV mobility in India.
- Green Hydrogen Solutions Green hydrogen project execution and related initiatives delivered through subsidiary Matrix Gas and Renewables Ltd under India's National Green Hydrogen Mission.
Companies that use Gensol
Customer profileIdeal customer profiles2 records
Gensol technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Gensol partnerships and signals
Strategic signalScale indicators5 records
Recent moves6 records
Expansion highlights3 records
Gensol competitors and assessment
Company assessmentDirect peers
- Vikram Solar: Indian solar module manufacturer and EPC contractor with utility-scale and rooftop-solar execution capabilities. Directly comparable to Gensol's solar EPC service line.
- Azure Power: India-focused solar IPP and EPC developer with utility-scale project portfolio. Comparable to Gensol in solar project development, EPC, and reliance on Indian government-finance institutions.
- Tata Power Solar Systems: Subsidiary of Tata Power and one of India's largest solar EPC and rooftop-solar integrators. Directly comparable to Gensol's utility-scale and rooftop solar EPC business, with stronger balance-sheet backing from the Tata group.
- Mahindra Susten: Mahindra group's renewable EPC and IPP platform executing utility-scale solar and hybrid projects across India. Closely comparable to Gensol's solar EPC model and project-development approach.
- Sterling and Wilson Renewable Energy: One of India's largest pure-play solar EPC contractors with global execution track record. Directly comparable to Gensol's utility-scale solar EPC service offering.
- Waaree Energies: India's largest solar PV module manufacturer with an EPC business serving utility-scale and C&I customers. Comparable to Gensol on the solar EPC side and on access to India's renewable-energy project pipeline.
- Fourth Partner Energy: India-focused C&I and utility-scale solar EPC and IPP backed by institutional investors. Comparable to Gensol on distributed and utility-scale solar EPC execution in India.
- SB Energy (SoftBank Group): Renewable energy developer and EPC operator in India with utility-scale solar, wind, and storage projects. Relevant comparator for Gensol on renewable EPC scale, financing structures, and policy exposure.
- Premier Energies: Indian solar cell and module manufacturer expanding into project development and EPC. Relevant peer for Gensol's solar EPC and module-related execution.
Broad incumbents
- Adani Solar: Solar PV manufacturer and EPC arm of the Adani Group, with vertically integrated module manufacturing and large utility-scale project development in India. Comparable to Gensol across solar EPC execution, but at materially larger scale and balance-sheet strength.
Market position
Strengths3 records
Weaknesses5 records
Competitive moat3 records
Key risks6 records
Key highlights4 records
Customer concentration
Gensol social profiles
Digital presenceGensol financial estimates
Financial estimateRevenue estimate
Valuation estimate
Gensol leadership team
Management profileNumber of profiles
Profiles2 records
Gensol subsidiaries and ownership
Company hierarchySubsidiaries3 records
Gensol funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Gensol M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Gensol
What does Gensol do?
Gensol delivers solar Engineering, Procurement, and Construction (EPC) services along with solar advisory, monitoring, and analysis for renewable energy projects in India. Beyond solar, it has built adjacencies into electric vehicle fleet operations via its BluSmart ride-hailing subsidiary and into green hydrogen project execution via Matrix Gas and Renewables Ltd. The fundamental business is project-based solar EPC delivery and renewable energy advisory services to commercial and government clients.
Is Gensol a public or private company?
Gensol is a private company. It is classified as public and is currently operating.
When was Gensol founded?
Gensol was founded in 2007. It employs 1,001 to 5,000 people.
Where is Gensol based?
Gensol is headquartered in Ahmedabad, India, in the Asia region.
Who are Gensol's main competitors?
Direct peers on record are Vikram Solar, Azure Power, Tata Power Solar Systems, Mahindra Susten, Sterling and Wilson Renewable Energy, Waaree Energies, Fourth Partner Energy, SB Energy (SoftBank Group) and Premier Energies. Adani Solar is listed as a broad incumbent.
Does Gensol have an API?
No public API is recorded for Gensol.
What industry is Gensol in?
Gensol's product category is Solar EPC and Renewable Energy Services. Its primary akta.pro industry code is EUAMABAB, Solar EPC & Construction (Utility-Scale, Rooftop, Balance of System), with a secondary code of EUACAGAB, Utility-Scale PV EPC (Engineering, Procurement & Construction). Its NAICS code is 221114 and its SIC code is 4911.