BluSmart

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Last edited February 12, 2026



Template:Infobox company

BluSmart Mobility was an Indian ride-sharing company, headquartered in Gurugram.[1][2] It was founded by Anmol Singh Jaggi, Punit K Goyal and Puneet Singh Jaggi in 2019.[3]

The company's fleet of vehicles included the Mahindra e-Verito, Tata e-Tigor, Tata Xpres-T EV, Hyundai Kona Electric, MG ZS Electric, and Citroen e-C3. It was India's first all-electric shared smart mobility platform.

The company competed with Uber, Ola, and new cab-hailing entrants like Rapido and Namma Yatri.

It shut down operations in April 2025.

History

BluSmart was co-founded on 14 January 2019[4] by Anmol Singh Jaggi, Puneet Singh Jaggi, and Punit K Goyal. In the same month, BluSmart partnered with Mahindra & Mahindra[5] to launch the first batch of EVs on the platform. In September 2019, the company, led by JITO Angel Network, Investment Office of Deepika Padukone, raised an angel round of Template:USD.[6][7]

On World EV Day 2021, BluSmart announced a partnership with Jio-BP[8] to set up charging infrastructure across India.[9][10]

On World Environment Day 2022, Tata Motors signed an MoU with BluSmart to deliver 10,000 EVs. In July 2022, BluSmart received Verra accreditation on carbon emissions.[11]

In February 2024, BluSmart partnered with Tata Power to source clean energy for its electric vehicle charging infrastructure.[12][13]

In July 2024, the company raised $24 million (Template:INR200 crore) in a funding round led by its existing investors, Zurich-based climate finance firm Responsability Investments, cricketer MS Dhoni's family office, and ReNew founder Sumant Sinha.[14]

On 15 April 2025, the Securities and Exchange Board of India (SEBI) barred the company's promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, from holding directorships in the group's listed company Gensol Engineering Limited and from accessing public markets. SEBI's investigation revealed that funds from Gensol's term loans worth Template:INRconvert raised from IREDA and Power Finance between 2021 and 2024–intended primarily for leasing 6,400 EVs to BluSmart–had been diverted and misappropriated by the Jaggi brothers. According to SEBI, only Template:INRconvert was used for purchase of 4,704 EVs, while funds of at least Template:INRconvert were either unaccounted for or siphoned off by the promoters. SEBI also flagged various personal expenditures made using the diverted funds, including the purchase of a luxury flat.[15][16][17][18][19] SEBI's order came weeks after BluSmart defaulted on bond payments,[20] and Anmol Singh Jaggi emailed BluSmart employees regarding the non-payment of salaries citing financial constraints.[21]

On 17 April 2025, BluSmart suspended all ride bookings and extended the refund window for user wallet balances from 6 days to 90 days.[22] The company is now essentially defunct.[23]

Business model

BluSmart functioned on an asset-light business model.[24] Cars were procured on a monthly lease from companies like EESL.[2] The company's app was used to purchase rides, similarly to Uber, Ola Cabs and Lyft. The company used all-electric cars with their branding on it.Template:Citation needed

Services

BluSmart operated in parts of Delhi NCR, Bangalore, Mumbai, and Dubai.[25][26][27][28] Users could book a cab using the Android or iOS app.[29] In June 2020, BluSmart introduced multi-hour rentals.[30]

In April 2021, BluSmart initiated a COVID-19 vaccination drive for its drivers,[31] whose vaccination status was visible on the BluSmart mobile app.[32]

BluSmart also launched EV intercity rides from Delhi NCR to Chandigarh, Jaipur.[33]

Challenges in growth

Unlike its competitors, BluSmart's expansion faced several hindrances. Because BluSmart operated on a hub-to-hub model, the lack of charging infrastructure in India and range anxiety of EVs posed serious hurdles to the company's growth. Because their cars were not driver-owned assets, high maintenance costs were thought to further complicate its scaling-up process.[34]

References

  1. ↑ BluSmart - India's first all-electric vehicle mobility platform. EV Duniya(2020-11-17). Retrieved 2021-12-19.
  2. ↑ 2.0 2.1 Financial Express, 2 July 2020(2 July 2020).
  3. ↑ Times of India 25 June 2019(25 June 2019).
  4. ↑ NDTV Car&Bike, 14 January 2029(14 January 2019).
  5. ↑ Times Now, 4th June, 2019(4 June 2019).
  6. ↑ Inc42 24 September, 2019. Inc42(24 September 2019).
  7. ↑ Mint, 23 September 2019(23 September 2019).
  8. ↑ Jio-bp partners with BluSmart to set up EV charging infrastructure in India, Pathak, Kalpana. mint(2021-09-09). Retrieved 2021-09-14.
  9. ↑ Jio-bp partners with BluSmart to set up EV charging infra in India. Business Standard India(2021-09-09). Retrieved 2021-09-14.
  10. ↑ Jio-BP partners with BluSmart to set up EV charging stations. www.cnbctv18.com(2021-09-09). Retrieved 2021-09-14.
  11. ↑ BluSmart receives Verra accreditation on carbon emission - ET Auto, Achary, Neel. Business News This Week(2021-06-05). Retrieved 2021-09-14.
  12. ↑ BluSmart partners with Tata Power: Shifts to 100 percent renewable energy for mobility. The Times of India(22 February 2024).
  13. ↑ Tata Power. www.tatapower.com.
  14. ↑ EV ride-hailing company BluSmart raises $24 million in funding. The Economic Times(15 July 2024). Retrieved 16 April 2025.
  15. ↑ Gensol and BluSmart promoter Anmol Singh Jaggi diverted EV loans to purchase a DLF Camellias flat: SEBI. Moneycontrol(16 April 2025). Retrieved 16 April 2025.
  16. ↑ ₹50 crore DLF Camellias Gurgaon flat: Here's how Anmol Singh Jaggi used Gensol funds. Mint(16 April 2025). Retrieved 16 April 2025.
  17. ↑ Flat in Camellias, golf sets, and foreign trips: How Gensol's promoters siphoned funds. Entrackr(16 April 2025). Retrieved 16 April 2025.
  18. ↑ Gensol likely to face multi-agency probe as Sebi flags fund diversion, stock manipulation. Moneycontrol(16 April 2025). Retrieved 16 April 2025.
  19. ↑ SEBI Interim Order in the matter of Gensol Engineering Limited. NSE. Securities and Exchange Board of India. Retrieved 16 April 2025.
  20. ↑ Blu Smart repays after 'default'. Now it has to convince bondholders. Mint(24 February 2025). Retrieved 16 April 2025.
  21. ↑ BluSmart Delays Salaries Citing Cash Flow Issues: Report. Inc42 Media(10 April 2025). Retrieved 16 April 2025.
  22. ↑ Crisis deepens at BluSmart as more directors resign amid Gensol crisis. Business Standard(18 April 2025). Retrieved 18 April 2025.
  23. ↑ India's BluSmart, rival of Uber, suspends operations after co-founder probed(April 17, 2025). Retrieved 11 February 2026.
  24. ↑ EVReporter, 2 March 2020(2 March 2020).
  25. ↑ EV cab provider BluSmart starts operations in Bengaluru(27 September 2022).
  26. ↑ Serviceable Regions Across Delhi NCR & Bengaluru. BluSmart.
  27. ↑ BluSmart expands to Mumbai, launches invite-only service - CNBC TV18. CNBCTV18(2025-01-06). Retrieved 2025-03-26.
  28. ↑ BluSmart launches 100% all-electric premium limousine service in UAE. www.business-standard.com. Retrieved 2025-03-26.
  29. ↑ Express Drive, 14 July 2020(14 July 2020).
  30. ↑ BluSmart launches hourly electric car rental at Rs 199, in-app wallet for contactless payments. The Financial Express(2020-07-14). Retrieved 2021-09-14.
  31. ↑ BluSmart starts COVID-vaccination for its driver partners, Vaccination status to show on customer app, Achary, Neel. Business News This Week(2021-04-15). Retrieved 2021-09-14.
  32. ↑ BluSmart starts COVID-vaccination for its driver partners, Vaccination status to show on customer app. Media Bulletins(2021-04-15). Retrieved 2021-09-14.
  33. ↑ BluSmart Mobility launches EV intercity rides from Delhi NCR to Chandigarh, Jaipur. The Indian Express(2022-04-06). Retrieved 2022-04-11.
  34. ↑ Tata-Jio-BP supercharge BluSmart's expansion plans(3 December 2021).
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