Uber Blusmart Indian rival seems to be stopping the service due to EV loan probe

Blusmart, the all -electric startup cabinet in India, which was once regarded as a new rival of Uber, seems to have stopped the service in some cities, just like the country’s country market regulator launched a probe at Gensol EngineeringThe publicly listed company that shares two of its co -founders.

The cabin service that worked in Delhi-Ncr, Bengaluru and Mumbai no longer shows the slots of many riders in these cities. Delhi Airport too issued a council This Blusmart service was temporarily suspended. Some affected customers have also caused concerns about access to the money stored in their Blusmart portfolios now when the service is not available.

The sudden inaccessibility comes just a day after the India Securities and Exchange Council (SEBI) has launched an investigation by Gensol Engineering, which shares the co -founders of Blusmart, Anta Singh Jagi and Punet Singh Jagi. The regulator accused co -founders of redirecting significant loans for personal use, including the purchase of luxury real estate on the outskirts of the capital of India.

Following the orders of the regulator on the market, the Jagi brothers withdrew from their management positions on Wednesday. “They are no longer involved in the company’s management according to the SEBI instructions immediately,” Gensol says in his submission (PDF) of Indian stock exchanges.

Despite the lack of riders, the Blusmart board does not share any updates with its investors until Wednesday, TechCrunch has learned.

“It is really surprising to us that the service is inaccessible. It seems that it is the effect of rubbing what happened to Gensol,” Blusmart Investor told TechCrunch.

The investor said Blusmart revealed that it had reached 8.4 billion Indian rupees ($ 98 million) in the annual repetitive revenue (ARR) in 2024, generating 700 million Indian rupees in monthly revenue. The launch also informs investors that the size of its fleet has grown to about 8,700 EVS, which is from 6000 EVS, which it had in early 2024.

Blusmart counts global investors, including BP Ventures and Mayfield India Fund among its early supporters. Starting based on Gurugram raised $ 25 million In the last round of funding from the responsibility of the Switzerland -based impact fund, which aims to expand its EV charging infrastructure. TechCrunch realizes that at that time he was valued at $ 250 million.

Media reports this week suggest that Blusmart is rotating in a Uber fleet partner. The launch had its EV fleet on leasing by Gensol. However, Gensol clarified in his recent passing on the stock exchange that he “has not concluded any agreement, nor is it in discussions on merger, acquisition, sale of assets or other significant transaction that has not been discovered.”

Blusmart Jaggi co -founder did not reply to requests for comment. When he connected, co -founder Punit K. Goyal shared screenshots of LinkedIn posts by persons who claim to be “caught in the storm” due to the supposed problems with Gensol corporate control.