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BluSmart , India ’s all - electric cab - hailing inauguration that was once see as an emerging rival to Uber , seem to have suspended service in some city just as the res publica ’s market regulatorlaunched a probe into Gensol Engineering , the publicly list company that shares two of its conscientious objector - founders .
The taxi religious service , which had been operating in Delhi - NCR , Bengaluru , and Mumbai , no longer shows available slots to many riders in these urban center . Delhi Airport alsoissued an advisorythat BluSmart ’s avail had been temporarily suspended . Some affected customer have also kindle concern about accessing the money stored in their BluSmart pocketbook now that the armed service is unavailable .
The sudden inaccessibility come just a day after the Securities and Exchange Board of India ( SEBI ) launched an probe into Gensol Engineering , which shares BluSmart ’s carbon monoxide - founders , Anmol Singh Jaggi and Puneet Singh Jaggi . The governor impeach the co - founders of airt substantial loan amount for personal use , including corrupt luxury veridical demesne on the outskirt of India ’s majuscule .
Despite its unavailability to riders , the BluSmart board did not share any update with its investors until Wednesday , TechCrunch has check .
“ It is really surprising to us that the service is unavailable . It seems to be a rub - off gist of what has go on with Gensol , ” a BluSmart investor told TechCrunch .
The investor say that in former April , BluSmart disclose that it strike 8.4 billion Indian rupees ( $ 98 million ) in the yearly recurring tax revenue ( ARR ) in 2024 , generate 700 million Indian rupees in monthly taxation . The startup also inform investor that its fleet size grew to about 8,700 EVs , up from the 6,000 EVs it had in former 2024 .
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BluSmart counts world-wide investor , include BP Ventures and Mayfield India Fund , among its early backers . The Gurugram - ground startupraised $ 25 millionin its last financial backing around from Switzerland - found shock fund ResponsAbility , aim to expand its EV charging infrastructure . TechCrunch understand that it was valued at $ 250 million at the meter .
Media write up this calendar week advise BluSmart was pivoting into a fleet partner for Uber . The inauguration had its EV fleet on lease from Gensol . However , Gensol clarify in its recent stock exchange filing that it “ has not introduce into any agreement nor is it in discussions for any fusion , skill , asset sale or any other meaning dealings that has not been unwrap . ”
BluSmart co - founder Jaggi did not respond to requests for scuttlebutt . When touch , co - founder Punit K. Goyal shared screenshots of LinkedIn posts by individuals claiming he was “ get in the storm ” due to the alleged corporate governance issues with Gensol .
