BluSmart
What Happened
BluSmart launched in 2019 in Delhi NCR as India's first all-electric ride-hailing service, founded by brothers Anmol and Puneet Singh Jaggi along with Punit Goyal. Its pitch was clean: no surge pricing, no cancellations, all EVs, fixed-salary drivers. For Delhi and Bengaluru commuters it quickly became the premium, reliable alternative to Uber and Ola.
The company raised around $180M across its runway, expanded its EV fleet to thousands of cars, and was celebrated as a rare Indian climate-tech success story. Its fleet was sourced largely through Gensol Engineering, a listed company also run by the Jaggi brothers.
In April 2025, SEBI issued an interim order barring the Jaggi brothers from the securities market, finding that Gensol had raised money ostensibly to buy EVs for BluSmart but diverted significant funds to personal and related-party expenses. Founders were forced out of leadership at both companies within days.
Within weeks, BluSmart suspended operations in Delhi NCR and Bengaluru. Drivers lost their jobs, customer wallet balances froze, and investors scrambled. A celebrated electric mobility story collapsed not because EVs didn't work, but because the books behind them didn't.