After SEBI crackdown on co-founder, cab aggregator BluSmart goes offline; thousands of drivers in limbo, customers overwhelmed
New Delhi: Electric cab aggregator BluSmart remained offline on Thursday across Delhi-NCR, Bengaluru, and Mumbai after market regulator SEBI took enforcement action against one of its co-founders over alleged fund misuse at an associated company.
The BluSmart app, which had over 8,000 taxis operating across the three metros, stopped accepting bookings on Wednesday evening and stayed suspended through Thursday.
The sudden disruption has left thousands of drivers in limbo and sparked a wave of customer complaints on social media.
“We’ve decided to temporarily close bookings on the BluSmart app,” the company wrote in an email to users, without citing any reason for the move.
One customer, who claimed to have ₹20,000 in their BluSmart wallet, posted on X (formerly Twitter), asking: “What is this??? When can I get the refund if BluSmart is getting closed?”
The user attached a screenshot of the company’s email, which assured customers that refunds would be processed within 90 days if services do not resume by then.
“We truly appreciate your support. While we strive to be back soon, we will initiate a refund within 90 days if services do not resume before that,” BluSmart wrote in the email, as reported by PTI.
Another user expressed concern for the drivers: “I loved BluSmart. More than the money in the wallet, I am more concerned about driver partners who will be out of job until the saga plays out…”
Meanwhile, the Delhi Airport on Tuesday evening issued a passenger advisory confirming that BluSmart had “temporarily suspended its operations at Delhi Airport.”
BluSmart’s rise and turbulence
Founded in January 2019 by Anmol Singh Jaggi, Puneet Singh Jaggi, and Punit K Goyal, BluSmart Mobility began operations in Gurugram with ₹3 million in angel funding from investors like Hero MotoCorp, Micromax, and Deepika Padukone’s office.
The EV ride-hailing startup steadily grew, partnering with Tata Motors and Jio-BP in 2021, and expanding to Bengaluru in 2022.
It raised significant funds—₹25 million in 2022, ₹42 million in 2023 (mostly from founders), and ₹25 million in early 2024 from ResponsAbility.
By September 2023, BluSmart had a fleet of 5,000 EVs, 3,900 charging stations, and an annual revenue run rate of ₹400 crore.
In early 2024, it announced a solar tie-up with Tata Power for its 6,000 cabs. FY24 revenue came in at ₹390 crore, more than doubling from the previous year.
However, by March 2025, reports emerged of Uber exploring a potential acquisition of BluSmart, coinciding with financial troubles at its EV partner Gensol Engineering.
SEBI flags fund misuse at Gensol, halts stock split
SEBI, in an interim order on April 15, accused Gensol’s promoters—Anmol and Puneet Singh Jaggi—of treating the company like a personal “piggy bank”, diverting loans worth ₹978 crore meant for EV purchases.
Over ₹200 crore was allegedly routed through a car dealership to linked firms and used for luxury buys, including DLF Camellias flats. Sebi warned of shareholder losses and froze the company’s proposed stock split.
Gensol said it would comply with the order and confirmed the Jaggi brothers had exited management. Independent Director Arun Menon also quit, citing the firm’s debt concerns.
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