Electric ride-hailing startup BluSmart has reportedly paused ride bookings in parts of Delhi-NCR and Bengaluru, sparking concerns about its future.
The move follows an ongoing SEBI investigation into Gensol Engineering, a firm closely associated with BluSmart, which has reportedly uncovered financial mismanagement and fund diversion.
While the app is still available on both the Google Play Store and Apple App Store, users are currently unable to book rides for any time slot.
In a related advisory, Delhi International Airport confirmed that BluSmart has temporarily ceased operations at the airport, adding to the mounting uncertainty.
Founded in 2019 by Anmol and Puneet Jaggi, along with Punit Goyal, BluSmart stands apart from competitors like Ola, Uber, and Rapido with its scheduled ride model and fully electric fleet.
The company was in the midst of raising a $50 million Series B round, having already secured Rs 61 crore ($7 million) from 26 individual investors, with the remainder expected soon.
Amid ongoing uncertainty, sources suggest BluSmart may be shifting from its core ride-hailing model to becoming a fleet partner for Uber, possibly transferring 700–800 EVs to the platform.
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Users are also frustrated by BluSmart’s prepaid model, which required advance payments via the Blu Wallet. With services suspended, many are stuck with unused balances, and the app offers no clear refund process or reliable customer support.
Meanwhile, SEBI has accused co-founder Anmol Singh Jaggi of misusing funds from Gensol Engineering, leading to a trading ban on Gensol and a temporary disqualification of its promoters.
As the crisis unfolds, both users and investors await clarity on refunds and BluSmart’s future direction.
