The Rise and Fall of Blusmart
A weekly exploration by Aishwarya (15/52)
A short read this week on the hottest soup everyone’s favourite ride-hailing app- Blusmart has gotten itself into.
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If you’ve been in Delhi or Bangalore in the past year or two, chances are you’ve seen those distinct white-and-blue EVs silently zipping around the city. BluSmart wasn’t just another cab service — it was a revolutionary idea that promised cleaner air and quieter roads. A bold alternative to the chaos of traditional ride-hailing platforms like Uber, Ola and Rapido. It was India’s first all-electric ride-hailing service. But just as it seemed to gain popularity, BluSmart hit a wall. And no, it was not a speed bump. More like a full-on barricade.
Rise of Blusmart
Launched in 2019 by two ambitious brothers, Anmol and Puneet Jaggi, BluSmart positioned itself at the intersection of urban mobility and sustainability. The pitch was solid: Electric Vehicles instead of petrol/diesel cars, no surge pricing, trained drivers on payroll (not gig workers), and a focus on reliability. Blusmart even integrated charging infrastructure into their operations — a huge plus, considering how scattered EV charging still is in India.
Everyone loved BluSmart because it felt like a breath of fresh air — literally and figuratively. In India’s chaotic ride-hailing scene. With no surge pricing, no last-minute cancellations, and a fleet of clean, silent electric vehicles, it offered a ride experience that was calmer, more predictable, and environmentally conscious. The app was sleek and ad-free, drivers were salaried and trained, and rides could be scheduled in advance with confidence. For many, BluSmart wasn’t just a cab — it was a status symbol, and a smarter, more responsible way to move through the city.
The Numbers
BluSmart had demonstrated significant growth. The company reported revenues of ₹390 crore in FY 2024- a 1.43x hike from ₹160 crore revenue in FY23. With a fleet of 8000 cars in September of 2024, and an ambitious target of 10,000 cars by the end of 2024, Blusmart seemed to be on a path to success. The company had also secured funding from notable investors, including BP Ventures, MS Dhoni’s family office, and ReNew’s Sumant Sinha. For a while, everyone genuinely felt like BluSmart was going to rewrite the playbook for urban transport in India.
The Soup
In April 2025, however, BluSmart suspended its operations following serious allegations against Anmol Jaggi. The Securities and Exchange Board of India (SEBI) has accused Jaggi of redirecting funds from Gensol Engineering, a company affiliated with BluSmart. These funds, intended for procuring electric vehicles, were allegedly diverted for personal expenses, including the purchase of a $5 million luxury apartment (INR 42.5 Crores) and other non-business-related expenditures. In response, SEBI has barred both Anmol and Puneet Jaggi, from participating in the stock market and has initiated a forensic investigation into Gensol.
The abrupt suspension has left thousands of BluSmart drivers without work and has raised concerns among customers regarding refunds for unused balances in BluSmart wallets. While the company has communicated that it will process refunds within 90 days if services do not resume, customers are clueless and await information from the company. Additionally, the Delhi Airport has announced the suspension of BluSmart services at its facilities. (Reuters)
BluSmart’s story is a bittersweet reminder that even the most well-loved innovations need strong foundations. While the brand nailed the user experience and built real trust with its riders, internal missteps and alleged financial misconduct brought the entire operation to a halt. The public’s disappointment only reflects just how much good faith BluSmart had earned over the past few years. But it is also a reminder on how fragile that trust can be.
As India continues its push toward electric mobility, BluSmart’s rise and fall may serve as a cautionary tale- great design and purpose-driven ideas must always be matched by transparent leadership and sound governance.
