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BluSmart pauses services in key cities
Entrackr
·
3m ago
Medial
BluSmart, an electric ride-hailing company, has reportedly paused ride bookings in parts of Delhi-NCR and Bengaluru, following a SEBI investigation into Gensol Engineering, a company linked to BluSmart. This pause suggests a possible transition to becoming a fleet partner for Uber, potentially transferring 700-800 electric vehicles to Uber's platform. Amidst these developments, SEBI has accused BluSmart co-founder Anmol Singh Jaggi of fund diversion from Gensol for personal use, leading to trading restrictions for Gensol and associated entities. The company was in the process of raising $50 million in its Series B round.
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BluSmart Launches New App To Help Users Locate Nearby EV Charging Stations
Inc42
·
1y ago
Medial
BluSmart Charge, a new app launched on Android and iOS platforms, aims to cater to the needs of electric vehicle (EV) users in Delhi NCR and Bengaluru. The app, developed by BluSmart, provides mobility convenience and meets the diverse requirements of both fleet operators and individuals. BluSmart, founded in 2019, already offers EV ride-hailing services and charging infrastructure in major Indian cities.
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BluSmart suspends operations as SEBI probes co-founder over fund diversion
VCCircle
·
3m ago
Medial
BluSmart, an Indian electric cab service competing with Uber, has suspended operations following a probe by SEBI into co-founder Anmol Jaggi for fund diversion. The investigation revealed misuse of funds intended for electric vehicle procurement, allegedly spent on a luxury apartment. BluSmart, which operated over 8,000 taxis with charging hubs in major Indian cities, risks affecting thousands of drivers' livelihoods. The company promises refunds within 90 days if services don’t resume.
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End trip for BluSmart? Behind the EV ride-hailing company’s deepening crisis
Economic Times
·
4m ago
Medial
BluSmart, an electric vehicle ride-hailing firm, is struggling due to Gensol Engineering’s debt repayment crisis. Gensol, which leased about 3,000 EVs to BluSmart, is selling these vehicles to manage its debt. This move impacts BluSmart’s operations and intensifies competition from rivals like Rapido. Additionally, BluSmart faces internal challenges, with three key executives recently resigning and scaling back international expansion plans, including shuttering operations in Dubai amidst difficulties in raising fresh capital.
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10,000 drivers stranded after BluSmart halts operations, seek dues
Inshorts
·
3m ago
Medial
Over 10,000 drivers are reportedly left without income or clarity about their employment status after ride-hailing startup BluSmart suspended its operations. Many drivers are waiting for their pending payments and weekly incentives, the Gig Workers Association (GigWA) said. BluSmart halted operations amid an ongoing SEBI probe into its key EV partner Gensol Engineering.
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Paytm Eyeing Foray Into Ride Hailing Space With Autorickshaw Offerings, To Challenge Ola, Uber
Inc42
·
1y ago
Medial
Paytm, the fintech giant in India, is planning to enter the ride-hailing space by offering auto rickshaw booking services through its app. The service is currently being tested with select users and might expand to include cab bookings later on. Paytm aims to launch these ride-hailing services in tier 1 cities such as Delhi, Bengaluru, and Chennai. This move will challenge the dominance of Ola and Uber in the Indian ride-hailing market, which is already facing competition from emerging players like Rapido and BluSmart. Paytm's ride-hailing venture is facilitated by ONDC-backed Namma Yatri, which offers its services to driver partners through a subscription fee model.
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BluSmart may end cab-hailing trip, hit reverse gear
Economic Times
·
3m ago
Medial
BluSmart, an electric ride-hailing startup, plans to transition its business from cab services to becoming a fleet partner for Uber due to financial challenges. With shareholders' approval, BluSmart will gradually transfer its fleet to Uber, starting with 700-800 vehicles. This move aims to alleviate BluSmart's monthly cash burn exceeding Rs 20 crore. The transition is crucial for BluSmart as it faces a cash crunch and failed capital funding, impacting operations and delaying salary payments.
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Evera Cabs takes over 500 BluSmart EVs
Entrackr
·
3m ago
Medial
Evera Cabs (Prakriti Mobility) has initiated the repossession of 500 electric cabs formerly operated by BluSmart, following the latter’s operational suspension in key metros. With 220 vehicles already acquired and the remaining 280 set to be reclaimed in the coming days, Evera is strengthening its position as the leading electric cab service provider, with a strong focus on airport mobility. The company is on an acquisition spree with a funnel of 1,000 BluSmart cabs, Evera said in a press release. This development follows BluSmart’s suspension of services in key metros such as Bengaluru, Mumbai, and Delhi. The BP Ventures- and Mayfield-backed company is also facing protests from its driver partners over unpaid dues and job losses. Evera is an all-electric, app-based taxi service currently serving Indira Gandhi International Airport, operating in the B2B segment since 2022. Evera said that the repossession of BluSmart’s cabs through its lenders is part of a multi-stage strategic plan to reinforce its footprint in NCR’s high-demand airport cab sector. The first phase involves the redeployment of these electric vehicles to strengthen operations, particularly in and around Indira Gandhi International Airport. According to the company, alongside fleet integration, a significant number of BluSmart drivers are transitioning to Evera, with around 150 already actively completing trips. In the next phase, Evera plans to double down on its airport network expansion to extend services across all terminals of Delhi’s airport. While Evera previously operated only from Terminal 3, the integration of new vehicles enables full-terminal coverage to ensure better availability and turnaround times for commuters.
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Tragic setback for investors: Bikhchandani on BluSmart crisis
Inshorts
·
3m ago
Medial
Info Edge Founder Sanjeev Bikhchandani said ride-hailing startup BluSmart suspending its operations is "a tragic setback for the investors". "As a customer, I am disappointed because the cab services were really good," he added. Speaking about SEBI's probe into BluSmart partner Gensol Engineering, he said, "There will be some bad actors, but...95-98% of startups are honest."
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BluSmart to raise $50 Mn in new round
Entrackr
·
7m ago
Medial
BluSmart to raise $50 Mn in new round BluSmart Mobility, an EV ride-hailing service and EV charging operator, is raising Rs 425 crore (approximately $50 million) in its Series B round. This will be the second fundraise for the Gurugram-based company in the past six months. BluSmart's board passed a special resolution in November to issue 17,70,833 Series B CCPS at an issue price of Rs 2,400 each to raise Rs 425 crore or $50 million, its regulatory filing sourced from the Registrar of Companies shows. BluSmart has already secured Rs 61 crore from 26 individual investors, with the remaining amount expected to arrive soon. Existing investors and new participants will likely contribute to this funding round. The funding came just six months after the closure of its $24 million pre-Series B round. According to Fintrackr’s estimates, the company will be valued at around Rs 3,050 crore (approximately $363 million) post-allotment. Founded in 2019 by Anmol and Puneet Jaggi along with Punit Goyal, BluSmart follows an on-demand model. Unlike Ola, Uber, and Rapido, it offers scheduled pick-ups and drops and has a pure-play electric fleet. The company officially expands its all-electric ride-hailing services to Mumbai this week, covering key areas such as Goregaon, Bandra, and the Bandra Kurla Complex (BKC), with plans for further citywide expansion. BluSmart boasts a fleet of over 8,500 EVs, 5,800 charging stations, and has completed 22 million rides. It currently operates in Delhi, the surrounding areas of the National Capital Region (NCR), and Bengaluru. Goyal recently said that BluSmart recorded Rs 390 crore in revenue in FY24 as compared to Rs 160 crore in FY23. However, it has yet to file audited financial statements for the past two fiscal years.
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My parents refuse to keep car due to BluSmart, they'll be heartbroken: Ex-Google MD
Inshorts
·
3m ago
Medial
Ex-Google MD Parminder Singh reacted to the BluSmart row regarding fund diversion, saying his elderly parents have "unwavering faith" in the ride hailing app. "They refuse to keep a car...saying, 'BluSmart hai na (There's BluSmart)'," Singh said. "I don't know exactly what went wrong but...they'll be heartbroken when I say, 'Ab BluSmart nahi hai (There's no BluSmart anymore)'," he added.
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