Discover why BluSmart, India’s all-electric cab service, has suspended operations amid an EV loan probe.
Matilda
BluSmart Suspends Service Amid EV Loan Probe Why Did BluSmart Suspend Its Electric Cab Service in India? BluSmart, India’s first all-electric ride-hailing service and a rising competitor to Uber, has temporarily suspended its operations in key cities like Delhi-NCR, Bengaluru, and Mumbai. This sudden halt comes as the Securities and Exchange Board of India (SEBI) investigates Gensol Engineering, a publicly listed company co-founded by two of BluSmart’s founders, Anmol Singh Jaggi and Puneet Singh Jaggi. The market regulator alleges that substantial loan amounts meant for business use were redirected for personal gains, including luxury real estate purchases. If you’re wondering why BluSmart is no longer available or how this impacts your wallet balance, here’s what you need to know. Image Credits: BluSmart For many users, BluSmart was more than just another cab service—it represented a sustainable and tech-driven alternative to traditional ride-hailing apps. However, with SEBI’s probe intensifying and the co-founders stepping down f…
