BluSmart Suspends Ride Bookings Amid Financial Probe And Leadership Exodus — Details

The sudden disruption comes as the company faces scrutiny over alleged financial irregularities linked to Gensol Engineering, a firm closely associated with BluSmart

According to SEBI, BluSmart co-founder Anmol Singh Jaggi allegedly diverted Rs 25.76 crore from Gensol into personal accounts and related entities

Source : BluSmart

Electric ride-hailing startup BluSmart has halted ride bookings in several parts of Delhi-NCR and Bengaluru, sparking speculation about the company's future. While the BluSmart app remains available on the Google Play Store, users are no longer able to schedule rides, suggesting a potential pause or scaling back of services, according to a report by Moneycontrol.

The sudden disruption comes as the company faces scrutiny over alleged financial irregularities linked to Gensol Engineering, a firm closely associated with BluSmart. Gensol, which supplied electric vehicles to the startup, is under investigation by the Securities and Exchange Board of India (SEBI) for misusing over Rs 200 crore sanctioned for EV procurement.

Financial Scrutiny

According to SEBI, BluSmart co-founder Anmol Singh Jaggi allegedly diverted Rs 25.76 crore from Gensol into personal accounts and related entities. One of the transactions reportedly involved a transfer to Third Unicorn, a startup founded by Ashneer Grover. In response, SEBI has imposed a trading ban on Gensol and related entities, and temporarily disqualified the company’s promoters from holding any directorial or key managerial positions.

Adding to the uncertainty, recent reports suggest that BluSmart may be winding down its core ride-hailing business altogether. Industry insiders indicate that the company could pivot to becoming a fleet partner for Uber, with an initial transfer of 700–800 EVs already in the works. However, no formal timeline for this transition has been confirmed, added the report.

Uber, which launched its EV service “Green” in 2023, is aggressively expanding its electric fleet through partnerships with players such as Everest Fleet, Lithium Urban Technologies, and Moove. BluSmart’s potential shift could position it as another key partner in Uber's electric mobility push.

Compounding BluSmart’s troubles is a wave of senior executive departures. Last month, CEO Anirudh Arun, Chief Business Officer Tushar Garg, and Chief Technology Officer Rishabh Sood all exited the company. Their resignations have fueled concerns about the startup’s operational viability amid growing financial and regulatory pressures.