Ride-sharing startup BluSmart has found itself at the centre of a regulatory investigation, with the Securities and Exchange Board of India (SEBI) alleging financial misconduct involving its co-founder, Anmol Singh Jaggi. Amid the deepening probe, the company has suspended ride bookings in parts of Delhi-NCR and Bengaluru, raising questions about its operational future.
The investigation focuses on Gensol Engineering, a company closely tied to BluSmart that leased electric vehicles to the platform. SEBI claims that Gensol diverted over ₹200 crore—meant for electric vehicle procurement—for other uses. Anmol Singh Jaggi is alleged to have redirected ₹25.76 crore to personal accounts and affiliated entities, including a transfer to Third Unicorn, a venture launched by Ashneer Grover.
Following these findings, SEBI has barred Gensol and its connected firms from trading in the securities market and has temporarily disqualified its promoters from holding key management or board positions.
As BluSmart grapples with the fallout, its core ride-hailing service appears to be on hold. While the app remains live, users are unable to schedule rides, suggesting a pause in operations.
Speculation is also mounting that BluSmart could be exiting the ride-hailing space altogether. Reports indicate that the company is planning to become a fleet partner for Uber, with around 700–800 electric vehicles expected to be transferred to Uber’s platform. Uber, which launched its electric vehicle service “Green” in 2023, has been expanding its EV fleet through partners like Everest Fleet, Lithium Urban Technologies, and Moove.
BluSmart’s troubles have been compounded by a string of senior-level resignations. Last month, CEO Anirudh Arun, Chief Business Officer Tushar Garg, and Chief Technology Officer Rishabh Sood stepped down, signalling deeper operational challenges.