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BluSmart Halts EV Ride-Hailing Services Following SEBI Probe Into Gensol Engineering

Users struggle to reclaim prepaid funds as leadership resignations and financial misconduct allegations disrupt operations in major cities.

Former Google MD Parminder Singh took to social media to advocate for BluSmart amid its potential closure.
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What’s going on with BluSmart?
BluSmart has stopped operations after SEBI alleged financial misconduct by the company’s promoters.

Overview

  • BluSmart has suspended ride bookings in Delhi-NCR, Bengaluru, and Mumbai, leaving users unable to access services or utilize prepaid Blu Wallet funds.
  • The suspension follows a SEBI investigation into Gensol Engineering, BluSmart's sister company, which uncovered misuse of ₹200 crore in government-backed EV loans.
  • SEBI has barred Gensol and its promoters, Anmol and Puneet Singh Jaggi, from executive roles and market participation after allegations of fund diversion and luxury expenditures.
  • BluSmart users face a convoluted refund process for wallet balances, requiring in-app support requests, with no direct refund option available.
  • Reports suggest BluSmart is considering a strategic pivot, potentially transferring 700-800 EVs to Uber's platform as it explores a fleet partnership model.