Introduction
BluSmart Mobility emerged as a beacon in India’s electric vehicle (EV) landscape, offering a sustainable alternative to traditional ride-hailing services. Founded in 2019, the company quickly gained traction, positioning itself as a formidable competitor to giants like Uber and Ola. However, recent controversies have cast a shadow over its achievements.
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Founders of BluSmart
BluSmart was co-founded by Anmol Singh Jaggi, Punit K Goyal, and Puneet Singh Jaggi in 2019. Anmol Singh Jaggi, also the managing director of Gensol Engineering Ltd., played a pivotal role in steering BluSmart’s vision. Punit K Goyal, with his entrepreneurial acumen, contributed significantly to the company’s strategic direction. Puneet Singh Jaggi, Anmol’s brother, was instrumental in operational aspects.
The BluSmart Business Model
BluSmart operated on an asset-light, business-to-consumer (B2C) model. Instead of owning vehicles, the company leased electric cars from entities like EESL. Customers could book rides via a mobile application, similar to other ride-hailing platforms. This approach allowed BluSmart to scale rapidly without heavy capital expenditure on vehicle procurement.
BluSmart’s Growth and Expansion
Starting in Delhi NCR, BluSmart expanded its operations to Bengaluru, Mumbai, and even ventured into Dubai. The company partnered with major automotive manufacturers like Mahindra & Mahindra and Tata Motors to bolster its fleet. By March 2024, BluSmart aimed to double its fleet to 9,000 cars. The company’s commitment to sustainability was evident in its collaborations with Jio-BP and Tata Power to establish EV charging infrastructure.
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Funding and Valuation
BluSmart attracted significant investor interest. In July 2024, the company raised $24 million in a funding round led by Zurich-based ResponsAbility Investments, MS Dhoni’s family office, and ReNew founder Sumant Sinha. Prior to the controversies, BluSmart’s valuation stood at approximately $300 million (around ₹2,561 crore). However, recent developments have led to a potential acquisition deal valuing the company at ₹800-1,000 crore, marking a significant drop from its previous valuation.
Revenue and Profitability
In FY24, BluSmart reported gross revenues of ₹376 crore, a 135% increase from the previous year’s ₹160 crore. Despite this impressive growth, the company faced challenges in achieving profitability. High operational costs, infrastructure investments, and the asset-light model’s limitations contributed to financial strains.
The Controversy
In April 2025, the Securities and Exchange Board of India (SEBI) initiated an investigation into Gensol Engineering Ltd., where Anmol Singh Jaggi served as managing director. SEBI alleged that funds amounting to ₹9.78 billion, intended for procuring electric vehicles for BluSmart, were misappropriated. These funds were reportedly diverted to purchase a luxury apartment and other personal expenses. As a result, SEBI barred Anmol and Puneet Jaggi from holding key positions in Gensol and from accessing the securities market. The controversy led to BluSmart suspending its operations on April 17, 2025, impacting thousands of drivers and customers.
BluSmart’s Current Status
Following the suspension of operations, BluSmart faced significant challenges. The company’s unlisted share price plummeted, and its market capitalization took a hit. Amidst the turmoil, Eversource Capital expressed interest in acquiring BluSmart for ₹800-1,000 crore. This potential acquisition could provide a lifeline to the beleaguered company.
Conclusion
BluSmart’s journey from a promising EV ride-hailing startup to facing operational suspension underscores the importance of robust corporate governance and financial integrity. While the company’s innovative approach and rapid growth were commendable, the recent controversies highlight the challenges startups can face in scaling sustainably. As BluSmart navigates this tumultuous phase, stakeholders and industry observers await its next move.
For readers interested in exploring more about the homes of prominent personalities, don’t miss our detailed blog on “MS Dhoni House.”
FAQs
Introduction
BluSmart Mobility emerged as a beacon in India’s electric vehicle (EV) landscape, offering a sustainable alternative to traditional ride-hailing services. Founded in 2019, the company quickly gained traction, positioning itself as a formidable competitor to giants like Uber and Ola. However, recent controversies have cast a shadow over its achievements.
Also Read:- Shah Rukh Khan and Family Temporarily Moves to Puja Casa Amid Mannat’s Grand Makeover
Founders of BluSmart
BluSmart was co-founded by Anmol Singh Jaggi, Punit K Goyal, and Puneet Singh Jaggi in 2019. Anmol Singh Jaggi, also the managing director of Gensol Engineering Ltd., played a pivotal role in steering BluSmart’s vision. Punit K Goyal, with his entrepreneurial acumen, contributed significantly to the company’s strategic direction. Puneet Singh Jaggi, Anmol’s brother, was instrumental in operational aspects.
The BluSmart Business Model
BluSmart operated on an asset-light, business-to-consumer (B2C) model. Instead of owning vehicles, the company leased electric cars from entities like EESL. Customers could book rides via a mobile application, similar to other ride-hailing platforms. This approach allowed BluSmart to scale rapidly without heavy capital expenditure on vehicle procurement.
BluSmart’s Growth and Expansion
Starting in Delhi NCR, BluSmart expanded its operations to Bengaluru, Mumbai, and even ventured into Dubai. The company partnered with major automotive manufacturers like Mahindra & Mahindra and Tata Motors to bolster its fleet. By March 2024, BluSmart aimed to double its fleet to 9,000 cars. The company’s commitment to sustainability was evident in its collaborations with Jio-BP and Tata Power to establish EV charging infrastructure.
Also Read:- West Bengal Property Tax Payment Online in 2025 – Housiey
Funding and Valuation
BluSmart attracted significant investor interest. In July 2024, the company raised $24 million in a funding round led by Zurich-based ResponsAbility Investments, MS Dhoni’s family office, and ReNew founder Sumant Sinha. Prior to the controversies, BluSmart’s valuation stood at approximately $300 million (around ₹2,561 crore). However, recent developments have led to a potential acquisition deal valuing the company at ₹800-1,000 crore, marking a significant drop from its previous valuation.
Revenue and Profitability
In FY24, BluSmart reported gross revenues of ₹376 crore, a 135% increase from the previous year’s ₹160 crore. Despite this impressive growth, the company faced challenges in achieving profitability. High operational costs, infrastructure investments, and the asset-light model’s limitations contributed to financial strains.
The Controversy
In April 2025, the Securities and Exchange Board of India (SEBI) initiated an investigation into Gensol Engineering Ltd., where Anmol Singh Jaggi served as managing director. SEBI alleged that funds amounting to ₹9.78 billion, intended for procuring electric vehicles for BluSmart, were misappropriated. These funds were reportedly diverted to purchase a luxury apartment and other personal expenses. As a result, SEBI barred Anmol and Puneet Jaggi from holding key positions in Gensol and from accessing the securities market. The controversy led to BluSmart suspending its operations on April 17, 2025, impacting thousands of drivers and customers.
BluSmart’s Current Status
Following the suspension of operations, BluSmart faced significant challenges. The company’s unlisted share price plummeted, and its market capitalization took a hit. Amidst the turmoil, Eversource Capital expressed interest in acquiring BluSmart for ₹800-1,000 crore. This potential acquisition could provide a lifeline to the beleaguered company.
Conclusion
BluSmart’s journey from a promising EV ride-hailing startup to facing operational suspension underscores the importance of robust corporate governance and financial integrity. While the company’s innovative approach and rapid growth were commendable, the recent controversies highlight the challenges startups can face in scaling sustainably. As BluSmart navigates this tumultuous phase, stakeholders and industry observers await its next move.
For readers interested in exploring more about the homes of prominent personalities, don’t miss our detailed blog on “MS Dhoni House.”
FAQs
