BluSmart is Now Known as Uber Green

BluSmart is in an extremely difficult situation as a result of financial mismanagement and other problems. It appears that BluSmart Mobility has begun rebranding their taxis in the midst of the continuous problems. Images of BluSmart taxis being rebranded as Uber Green have recently been made public from Bengaluru. Gensol Engineering-owned BluSmart is presently in negotiations with Uber's Indian division to lease out between 800 and 1,000 of its electric vehicles as Uber Green taxis. The procedure is already under progress, according to a media outlet, and many BluSmart taxis have already switched to Uber Green livery. The picture that is doing the rounds on the internet actually comes from the airport in Bengaluru. According to a media report, an audit has requested that BluSmart drivers cease taking reservations for the next three to four days. This development makes it apparent that drivers will be asked to work under Uber Green rather than BluSmart following the claimed audit.

Beginning of the Chaos

Gensol Engineering was established by the Jaggi brothers as a construction, engineering, and procurement firm. Together with Punit Goyal, Jaggi founded BluSmart in 2018. Between 2021 and 2024, Gensol obtained loans from government-backed lenders IREDA and Power Finance Corporation totalling around INR 978 crore as part of their expansion ambitions. The goal was to purchase 6,400 electric cars for BluSmart to lease. Nevertheless, SEBI's investigation revealed that the money intended for EV purchases had been diverted. A total of INR 568 crore was spent on just 4,704 automobiles. The remaining INR 262 crore was discovered to be missing by SEBI. Large amounts of these finances were diverted through a network of connected businesses and ultimately utilised for personal indulgences, such as a luxurious flat in Gurgaon's DLF Camellias complex, rather than for the purchase of EVs.

SEBI Stepped in to Ban Jaggi Brothers

Following allegations of widespread cash diversion, SEBI has prohibited Anmol Singh Jaggi and Puneet Singh Jaggi, the founders of BluSmart, from participating in the capital markets or holding director positions. Following the announcement, Gensol's stock price crashed, wiping away investor capital and prompting a forensic examination of the business's financial records. Top executives of BluSmart have left the company as a result; the CEO, CTO, and Chief Business Officer all quit in late March. For commuters in India, BluSmart was unquestionably a fantastic choice. It differed from Ola and Uber in that it didn't depend on driver-owned vehicles. The whole fleet was owned and run by BluSmart. This made it easier for them to maintain and charge the system. But this system's biggest flaw was that it required the business to invest a lot of money in assets (cars). The company is currently getting ready to shut down its own app-based ride-hailing service and switch to working as an Uber fleet partner in light of all these concerns.