India’s Uber-rival BluSmart appears to suspend service in wake of EV loan probe

Blusmart seems to have been considered in some cities such as the country’s market regulator, which appears as an opponent that appears to Uber’s Uber He started a probe to Gensol EngineeringThe company offered to the public that shares two parts of the two co-founders.

Cabin service operating in Delhi-NCR, Bengaluru and Mumbai does not show the existing nests in these cities. Delhi Airport too gave a advice The Blusmart’s service is temporarily suspended. Some affected customers also increased concerns, including the money stored in the blusmart wallets, where the service is unavailable.

Securities and India (CEBI) come a day later a day later (CEBI), Blusmart’s co-founders, Anmol Singh Jaggi and Puneet Singh Jaggi, launched an investigation into Gensol Engineering. The regulator blamed co-founders who redirect significant loans for personal use, including luxury real estate in the outskirts of the Indian capital.

After the market regulator orders, Jaggi brothers left their management positions on Wednesday. “They do not participate in the management of the company for the instructions of SEBI, they are immediately effective,” Genesol said quoted (PDF) to Indian stock exchanges.

Despite the inaccurate of drivers, the BlusMart board did not share any updates with their investors until Techcrunch.

“It is really surprising that the service is unavailable. It seems like a rub-off effect of what happened with Gensol,” said Blusmart Investor Techcrunch.

Investor, in early April, 700 million Indian Rupees, 700 million Indian Rupees in 2024, 700 million Indian Rupees, which produced 700 million Indian Rupees ($ 98 million), he said. Starting, also in investors, his fleet size was approaching 8,700 houses from 6,000 EVS in early 2024.

Blusmart counts global investors, including BP Ventures and Mayfield Indian Fund. Gurugram-based start Won $ 25 million The Swiss-based impact fund aims to expand the rechargeable infrastructure in the most funding phase. TechCrunch understands that it is estimated at $ 250 million in time.

This week, the media reports that Blusmart suggested that he has become a fleet partner for Uber. The starting house fleet was leased from Gensol. However, Gensol was clarified in the “Exchange” exchange that it was not in any agreement, no combination, acquiring, assetting, assetting, active operations.

Blusmart co-founder Jaggi did not respond to appeals for comment. In connection, co-founder Punitit K. Goyal K. Geyal claimed that the shared individuals claimed to be “caught in the storm” due to corporate governance problems with Gensol.