Things aren't looking great for BluSmart. The company's promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, are facing serious allegations of misusing funds from their other company, Gensol, for personal gain. The Securities and Exchange Board of India (SEBI) has barred them from participating in the securities market. Meanwhile, BluSmart customers are taking to social media, frustrated that they can't book cabs and many say their money is stuck in the app's wallet.
Once celebrated as a rising star in India's electric mobility space, BluSmart's future now hangs in the balance.?
After the news broke, users across Delhi NCR, Mumbai, and Bengaluru have been taking to social media to notify that their cab booking has been cancelled and many are demanding full refunds of their wallet balances.
It's a particularly bitter blow for customers, as BluSmart had carved out a niche by offering a far superior experience: punctual drivers, clean and well-maintained electric vehicles, and fair pay for its employees.?
These were welcome changes in a market often dominated by inconsistent service from competitors like Uber and Ola.
Now, with growing uncertainty surrounding the company, many loyal users are expressing sadness and disappointment online, a testament to the trust BluSmart had built, and now seems to have already lost.
India's market regulator, SEBI, has taken strict action against Anmol Singh Jaggi and Puneet Singh Jaggi, the men behind Gensol Engineering and BluSmart Mobility.?
According to SEBI, the duo misused company funds by taking out loans meant for electric vehicle purchases and instead spending them on personal luxuries, including a high-end apartment in Gurgaon's DLF Camellias.?
They also reportedly failed to repay some debts linked to EV purchases for BluSmart.?
In response, SEBI has barred both of them from holding leadership roles in Gensol and banned them from trading in the securities market for now.
To stay updated on the stories that are going viral, follow Indiatimes Trending.