Here’s Why BluSmart Services Are Stopped: EV Cab Aggregator Puts A Stop To Its Services Amid Fraud Row

Securities and Exchange Board of India (SEBI) has issued orders against the co-founders of BluSmart, Paneer Singh Jaggi and Anmol Singh Jaggi barring them from the securities market following allegations related to the misuse of funds linked to their another company named Gensol Engineering. A report from The Economic Times also states BluSmart might wrap up its business and become a fleet partner of cab aggregator, Uber.

In a day and age where clean mobility has taken the centre stage, BluSmart was set up back in 2019 as India’s first EV only ride-hailing platform. With an electric car only feet, BluSmart offered clean mobility solutions in major cities of the country. In 2023 the company even expanded its operations to the UAE.

In India BluSmart had a fleet of approximately 8,500 electric cars which was supported by an EV charging infrastructure consisting of approximately 5,800 charging ports. The company on previous occasions had also claimed to have completed over 145 millions rides.

The Indian market has a wide coverage of cab aggregators like Ola, Uber etc. but BluSmart was dominant in the clean mobility segment. The impact of BluSmart halting its services is multifaceted and it is set to impact multiple stakeholders of the company including its employees, cab operations, end users and more. Well, it's too early to gauge the impact of BluSmart services coming to an abrupt stop but it is set to have a significant impact.