Electric ride-hailing firm BluSmart has reportedly suspended ride bookings in parts of Delhi-NCR and Bengaluru. This move follows an investigation by the Securities and Exchange Board of India (SEBI) into Gensol Engineering, a company closely linked to BluSmart.
Moneycontrol, which first reported the development, added that the app no longer allows users to schedule rides — suggesting a potential pause in services.
Amid these developments, reports suggest that BluSmart may be transitioning from its core ride-hailing business to becoming a fleet partner for Uber. This potential shift includes transferring 700–800 electric vehicles to Uber’s platform, though no official timeline has been disclosed.
BluSmart was in the process of raising $50 million in its Series B round. The firm had already secured Rs 61 crore ($7 million) from 26 individual investors, with the remaining amount expected to arrive soon.
Founded in 2019 by Anmol and Puneet Jaggi, along with Punit Goyal, BluSmart follows an on-demand model. Unlike Ola, Uber, and Rapido, it offers scheduled pick-ups and drops and operates a pure-play electric fleet.
Recently, SEBI accused BluSmart co-founder Anmol Singh Jaggi of diverting funds from Gensol for personal expenses and transfers to related entities.
In response, SEBI has barred Gensol and associated entities from trading in the securities market and temporarily disqualified the promoters from holding directorial or key managerial roles.