BluSmart begins suspending operations following SEBI crackdown pointing financial wrongdoings
PTC News Desk: BluSmart's operations have come to an abrupt suspension as the electric vehicle ride-hailing company begins winding down its services. This follows an interim order issued by the Securities and Exchange Board of India (Sebi) on April 15, which highlighted financial misconduct by the promoters of Gensol Engineering — who are also co-founders of BluSmart.
As a result, the company has paused its services, leaving users unable to book rides through the app.
Customers in Delhi-NCR, Bengaluru, and Mumbai have reported that the app is no longer allowing ride bookings. BluSmart also notified users that ride bookings are temporarily unavailable and mentioned that if services don’t resume within 90 days, wallet balances will be refunded.
What is BluSmart?
BluSmart is an electric vehicle-only ride-hailing platform that emerged as a sustainable alternative to traditional cab services. It traces its roots back to 2007 when the Jaggi brothers founded Gensol Engineering, a company focused on engineering, procurement, and construction services.
In 2018, Anmol Singh Jaggi teamed up with Punit Goyal to launch Gensol Mobility Pvt., which was later rebranded as BluSmart in 2019. Around the same time, Gensol expanded into the electric vehicle leasing sector.
Over time, BluSmart positioned itself as a major competitor in the ride-hailing space by offering eco-friendly transport and reliable service. By January 9, it had grown its fleet to more than 8,500 electric vehicles, supported by a charging infrastructure of 5,800 chargers across 50 hubs in Delhi-NCR and Bengaluru, with over 10,000 active driver partners.
Promoting itself as India’s first and largest zero-emission ride-hailing platform, BluSmart had completed more than 14.5 million rides, according to its website. In June 2023, the company expanded internationally by introducing a premium, all-electric limousine service in the UAE.
- PTC NEWS
