Blusmart suspends taxi bookings through apps in Delhi NCR, Mumbai and Bangalore after Sebi’s move to promoters
According to various customers, multiple attempts to book a Blusmart ride have failed since the evening.
Ride startup Blusmart has suddenly stopped new ride bookings in most major cities such as Delhi NCR, Mumbai and Bangalore. According to various customers, multiple attempts to book a Blusmart ride have failed since the evening. Blusmart connects to Gensol, once considered an emerging competitor with Ola and Uber. Blusmart was co-founded by Anmol Singh Jaggi, who is also the founder of Gensol Engineering. Gensole and Jaggi face multiple headwinds, including financial difficulties, and are subject to the scope of scanners by market regulator Sebi. When contacted, a company spokesperson declined to comment.
Last June, Blusmart launched its service in the UAE as a premium all-electric luxury sedan service. The company has over 8,500 electric vehicles and 5,800 radio stations in its 50 hubs in Delhi NCR and Bengaluru as of January 9, and has been supported by more than 10,000 active driver partners. SEBI banned Gensol Engineering and promoters Anmol Singh Jaggi and Puneet Singh Jaggi on Tuesday – standing out from the securities market until further orders for fund transfers and governance failed. The regulator also set Anmol and Puneet Singh Jaggi apart from their positions as director or principal executives at Gensol until further orders.
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In addition, market regulators directed Gensol Engineering Ltd (Gel) to hold the IT-announced share split. The order was a complaint received by the Securities and Exchange Commission of India (SEBI) in June 2024, involving the transfer of share price manipulation and transfer of funds from Gel, and the matter began to be reviewed thereafter.
(Input with PTI)
