Electric vehicle startup BluSmart promised a green future—but behind the scenes, it was funding luxury lifestyles, not sustainable transport. Backed by Gensol Engineering, ₹30 crore was raised through bonds—but instead of investing in the EV ecosystem, the money went into a ₹40 crore Gurugram flat, foreign trips, and personal expenses. SEBI has now banned founders Anmol Singh Jaggi and his brother from market activity. BluSmart suspended ride bookings from April 17, shut down its app, and extended refund timelines to 90 days. Meanwhile, 10,000+ drivers lost their jobs, salaries remain unpaid, and users are still waiting for refunds. And now, BluSmart may become an Uber fleet partner—ditching its own roadmap for someone else’s. Was this a smart vision or just another smart scam? Let us know your thoughts in the comments.
© Copyright 2025. All Rights Reserved Powered by Vygr Media.
