Blusmart: Wallet is worried about customers as the screams of EV ride service suddenly stop
With a fleet of over 8,500 electric vehicles and over 5,800 charging stations, Blusmart is a key player in the city commuter sectors of Delhi NCR, Mumbai and Bengaluru and is powered by 10,000 active drivers in a short time. TOI reported on April 17 that electric vehicle rides now appear to be offline, with many ordinary users reported on April 17.
The service disruption came after Sebi’s temporary order on Tuesday, claiming that Anmol and Puneet Singh Jaggi (the promoters) redirected funds through loans used to purchase electric vehicles for Blusmart and used a portion of the money to buy luxury goods on Gurugram.
The order also highlights other governance issues, such as transactions with relevant entities and misuse of corporate funds. As a result, both promoters are prohibited from entering the securities market and serve as director or principal management positions from Gensol until further notice. In addition, Gensol was instructed to suspend its proposed stock split.
As Gensol faces increasing scrutiny, people are upset about Blusmart’s financial viability and operational stability. Although the EV platform is legally a standalone entity, its close ties to the promoters have sparked speculation about its future, especially after reports of a potential partnership with Uber becoming a fleet supplier, analysts now show that this option could be challenging given SEBI’s recent actions.
Since its inception in 2019, Blusmart has grown exceptionally well. The platform has found a foundation in a market previously dominated by established services such as Ola and Uber, providing fixed pricing, reliable rides and environmentally friendly vehicles for environmentally friendly alternatives. For many passengers, Blusmart becomes an important part of their daily commute. After a sudden cessation of services, the decision of the market regulator SEBI, the promoter of Gensol Engineering (Blusmart’s parent company) was prohibited from participating in the securities market from facilitators of participation in the securities market due to allegations of fund errors and government issues.
User’s Story
Users in major cities including Delhi, Gurugram, Noida, Bangalore and Mumbai began reporting difficulties on the Blusmart app on Wednesday, noting that they were unable to make reservations. In many cases, the date and time slots do not load, preventing any booking from completing.
Some drivers shared with TOI that they achieved only scheduled rides, while others received notifications from the company that advised them not to work on Thursdays. By the evening, Blusmart still had no official communication, and when approaching the company representative, there were no comments.
Unexpected damage has caused serious inconvenience to many users. “I couldn’t drive at 9 a.m. because the app doesn’t load anywhere. Later I found out my colleagues were having the same problem,” said Priyanshi Saha, a professional who lives in the network hub in Gurugram 56. “It was the only service I rely on and took a fixed fare and an environmentally friendly approach.”
Jagriti Kumar, another user who works at Udyog Vihar, expressed dissatisfaction and pointed out that Blusmart was her only reliable commuting option. “This is consistent, never unexpectedly cancelled, and is charged between Rs 400-450 each time. Now I have to deal with price fluctuations in prices and unpredictable drivers for other services.”
Wallet Worry about Commuters: How to Recover Your Balance
Some loyal users have expressed their concerns about the funds hidden in their Blusmart app wallet. “I have Rs 1,700 in my wallet and there is no news about the refund,” said Abhijeet Ghosh, a central resident of Delhi. Others like Kanika Tomar (insignificant wallet balance of Rs 2,500), Surabhi Sarda (Rs 1,200) and Ashish Malik (Rs 760) have similar concerns.
“The lack of communication in the company is very disturbing,” Kanika added.
Consumer attorney Aditya Parolia has advised users to record their wallet balance through screenshots and quickly contact the company for refunds. “If third-party administrators take over, this document will help them establish claims. This situation raises broader issues regarding entrepreneurial governance and consumer accountability,” he said.
Blusmart: A short history of popular services
Blusmart was introduced as a zero-emission ride service, which operates under a fleet ownership model. Unlike competitors like Ola and Uber, where drivers own or rent their vehicles, Blusmart owns its electric vehicles and employs fixed-paying drivers and offers other incentives.
Customers enjoy clean, quiet rides, punctual pickups and consistent pricing, which helps the platform build a loyal customer base.
“Drivers are always polite. No noise, no bargaining, no final cancellation. I often talk to drivers and most people seem to be happy with the job,” Ghosh, who has used Blusmart for nearly two years, reflects.
Rachit Gupta, who often travels between Delhi and Gurugram, noted that well-maintained fleets and timely service brought him into the service. “This is the best choice for chaos in Ora and Uber,” he said.
Blusmart’s failure: The biggest loser
For drivers, the current damage presents significant challenges. Since Blusmart owns the vehicle, many drivers are uncertain about their future. “We were told that suppliers will inspect our cars tomorrow and we should not report work,” explained Dileep, a driver waiting at the IGI T3 terminal, to TOI. “If the company crashes, we won’t be able to transition to other platforms because we don’t own cars,” he said.
Another driver, Arun, from Faridabad, shared that he usually earns Rs 3,200-4,300 on 10-12-hour shifts, including daily bonuses. “It’s a good arrangement. I didn’t receive any reservations today and I’m not sure what will happen next,” he told the newspaper.
