What happens when your climate-friendly cab… ends up paying for someone’s luxury apartment? Welcome to the BluSmart mess.
BluSmart—India’s electric ride-hailing startup—was supposed to be the clean, green alternative to Uber and Ola. Over 7,000 electric vehicles. Serving major cities like Delhi, Mumbai, and Bengaluru.
Founded in 2019, BluSmart grew fast. It pulled in $24 million just last year, led by Swiss climate investors betting on the future of green transport. It also had some big-name backers—MS Dhoni, Deepika Padukone, Sanjeev Bajaj, Ashneer Grover. Yep, India’s celeb circle believed in the EV dream.
But now? That future’s hit a red light. The problem? A company called Gensol Engineering—BluSmart’s sister firm.SEBI, India’s market watchdog, had launched a probe into Gensol promoters Anmol Singh Jaggi and Puneet Singh Jaggi. The duo are also co-founders of BluSmart. Gensol had taken out loans worth around ₹700 crore to buy 6,400 EVs, which were to be leased to BluSmart.
Turns out, a chunk of that money—meant for new electric vehicles—was allegedly misused through shady, “layered” transactions. And one of those trails led straight to… a luxury apartment in Gurugram’s Camellias.
Gensol shares tanked after SEBI shared its findings and barred the promoters from the market. That brought BluSmart to a screeching halt. The cab-hailing app paused all new bookings. No rides. No updates. Just this notification: "We’ll be back soon… or you’ll get a refund in 90 days."
Naturally, users are frustrated. Some had already paid in advance. Now they’re stuck waiting.But what seems like a crisis for BluSmart’s users and employees could turn into an opportunity for the competition.
Reports suggest Uber might swoop in to lease BluSmart’s fleet.What started as a clean ride towards a greener India is now a cautionary tale—of diverted funds, broken trust, and celebrity investors caught in the fallout. BluSmart might’ve promised an electric future—but right now? It’s running on fumes.
