BluSmart halts cab bookings in areas of Delhi NCR and Bengaluru

The developments comes a day after SEBI issued an interim order against Gensol Engineering—the company which leased its electric vehicles to BluSmart.

Apr 16, 2025 - 11:53

BluSmart halts cab bookings in areas of Delhi NCR and Bengaluru

EV ride-hailing app BluSmart has halted new ride bookings in areas of Bengaluru and Delhi-NCR. The news comes as it has begun transitioning thousands of its vehicles onto rival Uber’s platform, a source familiar with the matter told YourStory.

Moneycontrol was the first to report on the platform halting rides.

The development comes after reports suggested that BluSmart is looking to transition to the role of a fleet operator for Uber as lack of funding at the Gurugram-based firm along with troubles at related company Gensol Engineering has sent the company scrambling for options to stay afloat.

While the BluSmart app continues to be available on both Play Store and App Store, users have been unable to book slots or schedule rides on the app. The app shows “no slots available” when attempts are made to book a ride.

BluSmart did not respond to YourStory’s request for comment at the time of publishing this article.

Also Read

'BluSmart continues to operate as usual:' Company says amid shutdown rumours

Meanwhile, the company that has leased a majority of BluSmart’s cabs, Gensol Engineering, is fighting its own set of battles.

An interim order sent on Tuesday by markets regulator SEBI showed a series a “fraudulent” activity at the firm, including suspicious related party transactions and funds channeled for personal use by promoter.

An amount of Rs 262.13 crore remains unaccounted for, according to SEBI's detailed analysis of Gensol’s bank statement, as well as that of Go-Auto Private Limited—the dealer that supplied EVs to the company.

According to the document, a portion of these unaccounted funds was used for personal expenses of the promoters, including the purchase of high-end real estate, and was transferred to close relatives of promoters.

“The promoters were running a listed public company as if it were a proprietary firm,” the market watchdog noted.

Edited by Jyoti Narayan