Business Desk 
Apr 18, 2025
BluSmart, India’s renowned electric cab service, has suspended operations, leaving in uncertainty thousands of drivers who regularly relied on the service.
BluSmart has been hailed as a sustainable alternative to Uber and Ola in the country.
BluSmart suspension comes on the heels of a financial scandal involving Anmol Jaggi, BluSmart co-founder, prompting regulatory action from the authorities.
BluSmart has gained overwhelming fanbase by operating as an all-electric taxi fleet across major cities across India like New Delhi, Mumbai, and Bengaluru. However, its landed in hot waters after India's market regulator accused Jaggi of misusing funds.
According to the Securities and Exchange Board of India (SEBI), funds allocated for electric vehicle (EV) purchases were partly used to buy a luxury apartment in one of India’s most expensive complexes.
In an email to customers on Thursday, BluSmart announced the temporary suspension of bookings without giving a specific reason.
The company added that refunds for customers with wallet balances would be processed within 90 days—if services don’t resume earlier.
The watchdog cited a “complete breakdown of corporate governance” and noted that “funds availed by Gensol... were partly utilised for buying a high-end apartment.”
