BluSmart suspends cab bookings via app in Delhi-NCR, Mumbai and Bengaluru after Sebi action on promotors

BluSmart, the ride-hailing startup, has abruptly halted new ride bookings through its app in most parts of major cities such as Delhi-NCR, Mumbai and Bengaluru. Multiple attempts to book BluSmart rides have failed since the evening, according to various customers. The BluSmart is connected to Gensol and was once seen as an emerging rival to Ola and Uber. BluSmart, co-founded by Anmol Singh Jaggi, who is also the promoter of Gensol Engineering. Gensole and Jaggi are facing multiple headwinds, including financial woes and have come under the market regulator Sebi's scanner. When contacted, a company spokesperson declined to comment.

In June last year, BluSmart launched services in the UAE as a premium all-electric limousine service. The company, as on January 9, had a fleet of over 8,500 electric vehicles and a charging network of 5,800 stations across 50 hubs in Delhi NCR and Bengaluru, and was supported by 10,000+ active driver partners. Sebi on Tuesday barred Gensol engineering and promoters -- Anmol Singh Jaggi and Puneet Singh Jaggi -- from the securities markets till further orders in a fund diversion and governance lapses case. The regulator has also debarred Anmol and Puneet Singh Jaggi from holding the position of a director or key managerial personnel in Gensol until further orders.

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Further, the markets watchdog directed Gensol Engineering Ltd (GEL) to put on hold the stock split announced by it. The order came after the Securities and Exchange Board of India (Sebi) received a complaint in June 2024 relating to the manipulation of share price and diversion of funds from GEL and thereafter started examining the matter.

(With inputs from PTI)