Overview

• BluSmart has suspended operations in Delhi NCR, Mumbai, and Bengaluru after SEBI accused its co-founders of misusing public EV-loan funds through Gensol Engineering.
• Over 10,000 drivers have been left without income, prompting demands for immediate payment of pending wages and compensation for lost livelihoods.
• The company has assured customers it will refund wallet balances within 90 days if services do not resume, as drivers report penalties despite the shutdown.
• Reports indicate BluSmart is rebranding parts of its fleet under the Uber Green banner and exploring leasing agreements with Uber India to salvage its EV assets.
• SEBI's findings revealed that Rs 262 crore meant for EV procurement was diverted to luxury real estate and personal expenses, triggering a forensic audit and market repercussions.