Electric ride-hailing firm BluSmart has halted cab bookings in certain parts of Delhi-NCR, Bengaluru, and Mumbai, the three cities where it operates. The BluSmart application (app) is, however, available to download on the Google Play Store. But users are unable to select time slots in order to complete the ride-booking process. This comes after the Securities and Exchange Board of India (SEBI) found potential violations related to funding and compliance of Gensol, which leased electric vehicles to BluSmart. According to sources, the Uber-BluSmart deal is being re-evaluated.
SEBI has accused co-founder Anmol Jaggi of misappropriating funds from affiliate company Gensol, intended for procuring electric vehicles, to purchase a $5 million luxury apartment and other personal expenses, including a golf set. Consequently, SEBI has barred Jaggi and his brother from the stock market and launched a forensic investigation into Gensol.
BluSmart, which operates over 8,000 electric taxis and has established urban charging hubs, announced the suspension via email to customers, stating, "We've decided to temporarily close bookings on the BluSmart app."
The company did not provide further details regarding the suspension. This move has left thousands of drivers without work and raised concerns among customers about refunds from BluSmart wallets. The Delhi Airport also announced the service's suspension in an advisory.
BluSmart, backed by BP Ventures, had previously claimed a 9% market share in New Delhi. The company has yet to respond to media inquiries, while Gensol has pledged to comply with SEBI’s directives. Gensol’s shares have plummeted 85% in 2025.
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