Commuters across Delhi-NCR, Mumbai, and Bengaluru were left in the lurch as BluSmart, the EV-based ride-hailing service, suddenly stopped accepting bookings. Once seen as a greener, more dependable alternative to Ola and Uber, the abrupt shutdown caught both riders and drivers off guard. Many users turned to social media to voice their frustration, while several driver-partners reported that they had no forewarning — some only learned of the halt after showing up for work.
BluSmart had built a reputation for reliable, all-electric rides since its inception. Originally launched as Gensol Mobility in 2018 before rebranding in 2019, the platform grew to operate a fleet of over 8,500 EVs and a network of 5,800 charging stations across two major Indian metro regions. With over 1.45 crore rides completed, its exit has raised eyebrows and questions.
The disruption follows a regulatory crackdown by SEBI, which recently issued an interim order barring BluSmart founders Anmol Singh Jaggi and Punit Goyal from accessing the securities market. The move came after allegations of fund misappropriation at Gensol Engineering, the parent company. The order also included a directive for a forensic audit of the company’s financials.
Shoffr Makes Its Pitch, Right On Cue
With BluSmart’s absence leaving a vacuum in the EV ride-hailing space, Shoffr’s founder Kislay Verma took to X (formerly Twitter) to speak directly to disappointed commuters. “Come try us,” he wrote, replying to users expressing frustration over the vanishing of BluSmart rides. Verma’s timely intervention struck a chord with many who were actively seeking alternatives.
Come try @shoffr_in 🙂
— Kislay Verma (@kislayverma) April 16, 2025
Yes @furiousaakaash we launched in NCR last month with a fleet of brand new eMAX7 cars
— Kislay Verma (@kislayverma) April 16, 2025
The Bengaluru-based startup is still in its early stages, but the founder’s move to step into the spotlight at a moment of disruption could help the company gain traction. While Shoffr didn’t make any grand promises, Verma’s engagement showed an intent to listen — and act — on user needs.
Trouble Brewing Long Before The Shutdown
BluSmart’s operational freeze seems to be the culmination of long-standing financial troubles. In March 2025, rating agencies ICRA and CARE downgraded Gensol’s credit status to “junk,” citing persistent delays in loan repayments. Employee salaries for March were also reportedly delayed, deepening concerns about the company’s liquidity.
An internal note accessed by IANS revealed that Anmol Singh Jaggi had acknowledged cash flow challenges but sought to reassure staff by stating, “All dues will be cleared within April itself.” Meanwhile, corporate governance worries surfaced with the resignation of Arun Menon, an independent director at Gensol. In his parting note, Menon expressed doubts over the company’s debt and highlighted “past unanswered concerns.”
As BluSmart grapples with regulatory scrutiny and internal turmoil, competitors like Shoffr are clearly watching — and moving swiftly. Whether users take to the new player with the same enthusiasm remains to be seen, but for now, the race for the EV ride-hailing space has a new contender.
