BluSmart, launched in 2018, gained popularity for its all-electric vehicle (EV) fleet, punctuality, and eco-friendly promise. Its appeal quickly attracted several angel investors during early funding rounds. The startup positioned itself as a sustainable alternative to conventional ride-hailing apps in India.
Founders and Stakeholding
According to data from PrivateCircle cited by NDTV Profit, co-founder Anmol Singh Jaggi holds nearly 25% of BluSmart, while his brother and fellow co-founder Puneet Singh Jaggi owns around 5%. The Jaggi brothers are also the founders of Gensol Engineering.
SEBI Cracks Down
On Tuesday, the Securities and Exchange Board of India (SEBI) barred BluSmart, Anmol Singh Jaggi, and Puneet Singh Jaggi from the securities market due to alleged fund diversion and governance lapses. The Jaggi brothers have also been prohibited from holding directorial or key managerial positions at Gensol Engineering until further notice.
Celebrity and High-Profile Investors
BluSmart had attracted a roster of prominent investors before the regulatory issues surfaced. In 2019, Deepika Padukone’s family office participated in a $3 million angel round. The same round also included Sanjiv Bajaj of Bajaj Capital, Rajat Gupta, and JITO Angel Network.
In 2024, a $24 million pre-Series B round saw investments from MS Dhoni’s family office, ReNew Power CEO Sumant Sinha, and Switzerland-based responsAbility Investments.
Ashneer Grover, founder of BharatPe, also disclosed on X that he had invested ₹1.5 crore in BluSmart and expressed concern about the company’s future amid the ongoing issues.
App Goes Down Without Explanation
Since Wednesday, users in Delhi-NCR, Bangalore, and Mumbai have been unable to book rides on the BluSmart app. The company later sent an email confirming that bookings were temporarily suspended. It assured users that if services do not resume within 90 days, refunds will be issued. No specific reason for the shutdown has been disclosed.
Future Uncertainty
The dual blow of regulatory action and halted operations has cast uncertainty over BluSmart’s future. While the startup once symbolized a clean mobility revolution, it now faces serious challenges, including retaining investor confidence and restoring public trust.
