luSmart, the electric vehicle ride-hailing platform owned by Gensol, has paused new ride bookings as it undergoes a major operational restructuring. Once considered a challenger to ride-hailing giants Uber and Ola, the company is now shifting its fleet to Uber’s platform—signaling a significant pivot in its business model. While the BluSmart app remains available on both the Google Play Store and Apple App Store, users across key markets including Delhi-NCR, Bengaluru, Mumbai, Kolkata and other ciries are reporting issues with booking rides.
Some customers are unable to select time slots or dates, while others cannot enter drop-off locations, effectively making ride booking impossible. Although BluSmart has not issued an official statement, the widespread booking disruptions point to a likely suspension of its direct ride-booking services. This comes a day after SEBI's crackdown on Gensol.
SEBI’s shocking revelation of Gensol promoters
The Securities and Exchange Board of India (SEBI) on April 15 made shocking revelations about Gensol Engineering Limited (GEL) promoters – Anmol Singh Jaggi and Puneet Singh Jaggi. As per SEBI findings, the two are accused of diverting funds meant for electric vehicle (EV) procurement to buy a luxury apartment in Gurugram's upscale residential project -- The Camellias by DLF.
SEBI revealed that GEL had taken loans worth Rs 978 crore between 2021 and 2024 from two public lenders -- the Indian Renewable Energy Development Agency (IREDA) and the Power Finance Corporation (PFC). In its interim order, the market regulator said “Funds availed by Gensol as loans for procuring EVs were, through layered transactions, partly utilised for buying a high-end apartment in The Camellias, Gurugram, in the name of a firm where the MD of Gensol and his brother are designated partners”.
“It was separately noted that Rs 5 crore, which was initially paid as booking advance by Jasminder Kaur, mother of Anmol Singh Jaggi, was also sourced from Gensol. Further, it was noted that once DLF returned the advance to Kaur, the funds did not go back to the Company but were instead credited to another related party of Gensol,” the SEBI added.
SEBI's investigation further highlighted that while the funds were transferred from Gensol to Go-Auto -- allegedly for purchasing EVs, the money was often routed back to Gensol or to entities closely connected to the Jaggi brothers.
According to reports, BluSmart Mobility has also delayed salary payments for the month of March.
Some customers are unable to select time slots or dates, while others cannot enter drop-off locations, effectively making ride booking impossible. Although BluSmart has not issued an official statement, the widespread booking disruptions point to a likely suspension of its direct ride-booking services. This comes a day after SEBI's crackdown on Gensol.
SEBI’s shocking revelation of Gensol promoters
The Securities and Exchange Board of India (SEBI) on April 15 made shocking revelations about Gensol Engineering Limited (GEL) promoters – Anmol Singh Jaggi and Puneet Singh Jaggi. As per SEBI findings, the two are accused of diverting funds meant for electric vehicle (EV) procurement to buy a luxury apartment in Gurugram's upscale residential project -- The Camellias by DLF.
SEBI revealed that GEL had taken loans worth Rs 978 crore between 2021 and 2024 from two public lenders -- the Indian Renewable Energy Development Agency (IREDA) and the Power Finance Corporation (PFC). In its interim order, the market regulator said “Funds availed by Gensol as loans for procuring EVs were, through layered transactions, partly utilised for buying a high-end apartment in The Camellias, Gurugram, in the name of a firm where the MD of Gensol and his brother are designated partners”.
“It was separately noted that Rs 5 crore, which was initially paid as booking advance by Jasminder Kaur, mother of Anmol Singh Jaggi, was also sourced from Gensol. Further, it was noted that once DLF returned the advance to Kaur, the funds did not go back to the Company but were instead credited to another related party of Gensol,” the SEBI added.
SEBI's investigation further highlighted that while the funds were transferred from Gensol to Go-Auto -- allegedly for purchasing EVs, the money was often routed back to Gensol or to entities closely connected to the Jaggi brothers.
According to reports, BluSmart Mobility has also delayed salary payments for the month of March.
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