Electric ride-hailing startup BluSmart has suspended ride bookings in several regions in Delhi-NCR and Bengaluru, raising questions about its operational future, according to a Moneycontrol report. While the app remains live on the Play Store, it no longer allows users to schedule rides — suggesting a potential pause in services. ‘The promoters were running a listed public company as if it were a propriety firm. The company’s funds were used for unconnected expenses, as if the company’s funds were promoters’ piggybank,’ says SEBI. Gensol Engineering Ltd promoters Anmol and Puneet Singh Jaggi allegedly diverted loans meant for funding BluSmart’s electric vehicle purchases to buy a luxury apartment in DLF’s The Camellias, Gurugram, and high-end golf equipment worth Rs 26 lakh, according to an interim order by markets regulator SEBI. Between 2021 and 2024, Gensol reportedly took loans amounting to Rs 978 crore from public sector lenders- the Indian Renewable Energy Development Agency (IREDA) and the Power Finance Corporation (PFC). Of this, Rs 664 crore was allocated for procuring 6,400 EVS to be leased to BluSmart.
