Overview

• BluSmart has stopped services in Delhi-NCR, Mumbai, and Bengaluru, leaving 10,000 drivers without work and customers unable to book rides.
• The company has assured customers that wallet refunds will be processed within 90 days if services do not resume.
• SEBI's investigation into Gensol Engineering revealed the diversion of ₹262 crore from public EV loans for personal and luxury purchases, including a high-end apartment and a golf set.
• Gensol admitted to procuring only 4,704 EVs out of the 6,400 funded, with SEBI banning its promoters, Anmol and Puneet Jaggi, from market roles and ordering a forensic audit.
• BluSmart is negotiating with Uber India to lease part of its fleet under the Uber Green brand, signaling a strategic shift amid ongoing financial and operational challenges.