Friday, 31 Oct 2025
  • Contact
  • Privacy Policy
  • Terms & Conditions
  • DMCA
logo logo
  • World
  • Politics
  • Crime
  • Economy
  • Tech & Science
  • Sports
  • Entertainment
  • More
    • Education
    • Celebrities
    • Culture and Arts
    • Environment
    • Health and Wellness
    • Lifestyle
  • 🔥
  • Trump
  • VIDEO
  • House
  • White
  • ScienceAlert
  • Trumps
  • Watch
  • man
  • Health
  • Season
Font ResizerAa
American FocusAmerican Focus
Search
  • World
  • Politics
  • Crime
  • Economy
  • Tech & Science
  • Sports
  • Entertainment
  • More
    • Education
    • Celebrities
    • Culture and Arts
    • Environment
    • Health and Wellness
    • Lifestyle
Follow US
© 2024 americanfocus.online – All Rights Reserved.
American Focus > Blog > Tech and Science > India’s Uber-rival BluSmart appears to suspend service in wake of EV loan probe
Tech and Science

India’s Uber-rival BluSmart appears to suspend service in wake of EV loan probe

Last updated: April 16, 2025 10:49 am
Share
India’s Uber-rival BluSmart appears to suspend service in wake of EV loan probe
SHARE

BluSmart Suspends Service Amid Market Regulator Probe into Co-Founders

BluSmart, the all-electric cab-hailing startup based in India, has recently suspended its services in several cities as the country’s market regulator initiated a probe into Gensol Engineering, a publicly listed company that shares two of BluSmart’s co-founders.

Previously operating in Delhi-NCR, Bengaluru, and Mumbai, BluSmart no longer displays available slots for riders in these cities. Delhi Airport has also issued an advisory confirming the temporary suspension of BluSmart’s service. Concerns have been raised by affected customers regarding accessing the funds stored in their BluSmart wallets now that the service is unavailable.

The suspension comes shortly after the Securities and Exchange Board of India (SEBI) launched an investigation into Gensol Engineering, where BluSmart’s co-founders, Anmol Singh Jaggi and Puneet Singh Jaggi, hold positions. Allegations were made against the co-founders for redirecting substantial loan amounts for personal use, including purchasing luxury real estate near India’s capital.

In response to SEBI’s orders, the Jaggi brothers have stepped down from their managerial roles at Gensol Engineering. The company stated in a filing to the Indian stock exchanges that the co-founders are no longer involved in the management of the company as per SEBI’s instructions.

Although BluSmart’s service remains unavailable to riders, the company did not communicate any updates to its investors until Wednesday. Investors expressed surprise at the sudden unavailability, suggesting it could be linked to the developments at Gensol Engineering.

Earlier in April, BluSmart reported reaching 8.4 billion Indian rupees ($98 million) in annual recurring revenue in 2024, with a monthly revenue of 700 million Indian rupees. The startup also disclosed an increase in its fleet size to approximately 8,700 electric vehicles, up from 6,000 EVs in early 2024.

See also  NUMC chairman fired just hours after revealing thieves stole FBI probe docs from his home in growing scandal

BluSmart has garnered support from global investors such as BP Ventures and Mayfield India Fund. The Gurugram-based startup secured $25 million in its last funding round from Switzerland-based impact fund ResponsAbility, with a valuation of $250 million at the time. Reports have suggested that BluSmart may be transitioning into a fleet partner for Uber, as it previously leased its EV fleet from Gensol Engineering.

Despite media speculation, Gensol Engineering clarified in a recent filing that no agreements or discussions regarding mergers, acquisitions, asset sales, or other significant transactions have taken place. Co-founder Anmol Singh Jaggi did not respond to requests for comment, while co-founder Punit K. Goyal shared LinkedIn posts indicating he was impacted by the corporate governance issues surrounding Gensol.

TAGGED:AppearsBluSmartIndiasLoanProbeserviceSuspendUberrivalWake
Share This Article
Twitter Email Copy Link Print
Previous Article Prominent autism researchers, groups in dark about RFK Jr.’s study Prominent autism researchers, groups in dark about RFK Jr.’s study
Next Article 2000s Outfit Ideas To Relive The Past This Season 2000s Outfit Ideas To Relive The Past This Season
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Popular Posts

The Hyperallergic Art Crossword: June 2025

As we kick off Pride month, let's delve into some intriguing clues related to LGBTQ+…

June 2, 2025

OxygenOS 16 release date confirmed – Will your OnePlus phone get it?

Image: Foundry | Alex Walker-Todd Summary Launch date for OxygenOS 16 announced by OnePlus Starting…

October 7, 2025

Stars Who Can Actually Pull Off the No-Pants Trend

How Hollywood It Girls are Rocking Underwear as Outerwear While wearing underwear out and about…

April 14, 2025

Promising Schizophrenia Drug, Cobenfy, Will Face Access Challenges

Schizophrenia is a complex and challenging mental illness that affects millions of people in the…

November 5, 2024

120 Million Porch Package Thefts–More Than All FBI Property Crimes

Highlights Package theft is a significant issue in the US, with approximately 120 million porch…

December 11, 2024

You Might Also Like

The New Scientist Book Club’s verdict on Our Brains, Our Selves: A mix of praise and misgivings
Tech and Science

The New Scientist Book Club’s verdict on Our Brains, Our Selves: A mix of praise and misgivings

October 31, 2025
Tech Advisor December 2025 Digital Magazine
Tech and Science

Tech Advisor December 2025 Digital Magazine

October 31, 2025
Scientists Identified a New Blood Group After a 50-Year Mystery : ScienceAlert
Tech and Science

Scientists Identified a New Blood Group After a 50-Year Mystery : ScienceAlert

October 31, 2025
Driver who killed 2 in fiery LSD crash gets probation, community service
Crime

Driver who killed 2 in fiery LSD crash gets probation, community service

October 31, 2025
logo logo
Facebook Twitter Youtube

About US


Explore global affairs, political insights, and linguistic origins. Stay informed with our comprehensive coverage of world news, politics, and Lifestyle.

Top Categories
  • Crime
  • Environment
  • Sports
  • Tech and Science
Usefull Links
  • Contact
  • Privacy Policy
  • Terms & Conditions
  • DMCA

© 2024 americanfocus.online –  All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?