Blusmart, the electrical start of the India company, which was once considered as an emerging Uber opponent, seems to have been suspended in some cities, just as the country’s regulatory authority began a survey at Gensol Engineering, the company sharing two of its co -founders.
The cabin service, which operated on Delhi-NCR, Bengaluru and Mumbai, no longer shows available sockets to many riders in these cities. Delhi Airport as well issued consulting that Blusmart’s service had been temporarily suspended. Some affected customers have also caused concerns about accessing money stored in Blusmart wallets now that the service is not available.
The sudden non -availability comes just a day after the India Capital Market Council (Sebi) began an investigation into Gensol Engineering, which shares Blusmart’s co -founders, Anmol Singh Jaggi and Puneet Singh Jaggi. The regulator accused co -founders of redirecting significant amounts of loans for personal use, including the market for luxury real estate on the outskirts of the capital of India.
Following the orders of the market regulatory authority, the Jaggi brothers resigned from their seats on Wednesday. “They are no longer involved in company management, such as Sebi’s instructions, effective immediately,” Gensol said deposit (PDF) on Indian stock markets.
Despite its unavailability to riders, the Blusmart Council did not share any updates with investors by Wednesday, TechCrunch has learned.
“It is really amazing for us that the service is not available. It seems to be a huge result of what happened to Kesoli,” a Blusmart investor in TechCrunch told.
The investor said in early April, Blusmart revealed that it had hit 8.4 billion Indian rupees ($ 98 million) in the annual repetitive revenue (ARR) in 2024, creating 700 million Indian rupees in monthly revenue. The start also informed investors that its fleet size increased to about 8,700 EVs, from the 6,000 EVs it had in early 2024.
Blusmart counts worldwide investors, including BP Ventures and Mayfield India Fund, among its first supporters. Gurugram -based launch raised $ 25 million in its last round of funding from capital responsibility based on capital, with the aim of expanding its infrastructure for EV charge. TechCrunch understands that it was estimated at $ 250 million at that time.
Media reports this week suggested that Blusmart revolves to a fleet partner for Uber. The start had the EV fleet in the lease by Gensol. However, Gensol clarified the recent stock market deposit that “it has not concluded any agreement on any merger, acquisition, sale of assets or any other important transaction that has not been revealed”.
Blusmart Jaggi co -founder did not respond to comments. When he came into contact, co -founder Punit K. Goyal shared screenshots of LinkedIn positions from people who claim to have been “caught in the storm” due to the supposed corporate governance issues with Kesoli.
