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BluSmart Mobility
Company typePrivate
Industry
FoundedJanuary 2019; 6 years ago (2019-01)
Founder
  • Anmol Singh Jaggi
  • Punit K Goyal
  • Puneet Singh Jaggi
HeadquartersGurugram, Haryana, India
Area served
India, Dubai
Services
Websitewww.blu-smart.com

BluSmart Mobility is an Indian ride-sharing company, headquartered in Gurugram.[1][2] It was founded by Anmol Singh Jaggi, Punit K Goyal and Puneet Singh Jaggi in 2019.[3] As of 2025, the company's fleet of vehicles includes the Mahindra e-Verito, Tata e-Tigor, Tata Xpres-T EV, Hyundai Kona Electric, MG ZS Electric, and Citroen e-C3. It is India's first all-electric shared smart mobility platform.

The company competes with Uber, Ola, and new cab-hailing entrants like Rapido and Namma Yatri.

In July 2024, the company raised $24 million (₹200 crore) in a funding round led by its existing investors, Zurich-based climate finance firm Responsability Investments, cricketer MS Dhoni's family office, and ReNew founder Sumant Sinha.[4]

History

[edit]

BluSmart was co-founded on 14 January 2019[5] by Anmol Singh Jaggi, Puneet Singh Jaggi, and Punit K Goyal. In the same month, BluSmart partnered with Mahindra & Mahindra[6] to launch the first batch of EVs on the platform. In September 2019, the company, led by JITO Angel Network, Investment Office of Deepika Padukone, raised an angel round of US$3 million.[7][8]

On World EV Day 2021, BluSmart announced a partnership with Jio-BP[9] to set up charging infrastructure across India.[10][11]

On World Environment Day 2022, Tata Motors signed an MoU with BluSmart to deliver 10,000 EVs. In July 2022, BluSmart received Verra accreditation on carbon emissions.[12]

In February 2024, BluSmart partnered with Tata Power to source clean energy for its electric vehicle charging infrastructure.[13][14]

On 15 April 2025, the Securities and Exchange Board of India (SEBI) barred the company's promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, from holding directorships in the group's listed company Gensol Engineering Limited and from accessing public markets. SEBI's investigation revealed that funds from Gensol's term loans worth ₹977 crore (US$120 million) raised from IREDA and Power Finance between 2021 and 2024–intended primarily for leasing 6,400 EVs to BluSmart–had been diverted and misappropriated by the Jaggi brothers. According to SEBI, only ₹567 crore (US$67 million) was used for purchase of 4,704 EVs, while funds of at least ₹400 crore (US$47 million) were either unaccounted for or siphoned off by the promoters. SEBI also flagged various personal expenditures made using the diverted funds, including the purchase of a luxury flat.[15][16][17][18][19] SEBI's order came weeks after BluSmart defaulted on bond payments,[20] and Anmol Singh Jaggi emailed BluSmart employees regarding the non-payment of salaries citing financial constraints.[21]

On 17 April 2025, BluSmart suspended all ride bookings and extended the refund window for user wallet balances from 6 days to 90 days.[22]

Business model

[edit]

BluSmart functions on an asset-light business model.[23] Cars are procured on a monthly lease from companies like EESL.[2] The company's mobile application can be used to purchase rides that are similar to Uber, Ola Cabs and Lyft. The company uses all-electric cars with their branding on it.[citation needed]

Services

[edit]

BluSmart operates in parts of- Delhi NCR, Bangalore, Mumbai, and Dubai[24][25][26][27] Users can book a cab using the Android or iOS Mobile App.[28] In June 2020, BluSmart also introduced imulti-hour rentals.[29]

In April 2021, BluSmart initiated a COVID-19 vaccination drive for its drivers,[30] whose vaccination status is visible on the BluSmart mobile app.[31]

BluSmart also launched EV intercity rides from Delhi NCR to Chandigarh, Jaipur.[32]

Challenges in growth

[edit]

Unlike its competitors, BluSmart's expansion faces several hindrances. Because BluSmart operates on a hub-to-hub model, the lack of charging infrastructure in India and range anxiety of EVs poses serious hurdles to the company's growth. Because their cars are not driver-owned assets, high maintenance costs might further complicate its scaling-up process.[33]

References

[edit]
  1. ^ "BluSmart - India's first all-electric vehicle mobility platform". EV Duniya. 17 November 2020. Retrieved 19 December 2021.
  2. ^ a b "Financial Express, 2 July 2020". No. Web. Financial Express. 2 July 2020.
  3. ^ "Times of India 25 June 2019". Times of India. Times of India. 25 June 2019.
  4. ^ "EV ride-hailing company BluSmart raises $24 million in funding". The Economic Times. 15 July 2024. Retrieved 16 April 2025.
  5. ^ "NDTV Car&Bike, 14 January 2029". No. Web. CAR&BIKE. NDTV. 14 January 2019.
  6. ^ "Times Now, 4th June, 2019". No. Digital. Times Now. 4 June 2019.
  7. ^ "Inc42 24 September, 2019". Inc42. Inc42. 24 September 2019.
  8. ^ "Mint, 23 September 2019". No. Online. Mint. 23 September 2019.
  9. ^ Pathak, Kalpana (9 September 2021). "Jio-bp partners with BluSmart to set up EV charging infrastructure in India". mint. Retrieved 14 September 2021.
  10. ^ Mukul, Jyoti (9 September 2021). "Jio-bp partners with BluSmart to set up EV charging infra in India". Business Standard India. Retrieved 14 September 2021.
  11. ^ "Jio-BP partners with BluSmart to set up EV charging stations". www.cnbctv18.com. 9 September 2021. Retrieved 14 September 2021.
  12. ^ Achary, Neel (5 June 2021). "BluSmart receives Verra accreditation on carbon emission - ET Auto". Business News This Week. Retrieved 14 September 2021.
  13. ^ "BluSmart partners with Tata Power: Shifts to 100 percent renewable energy for mobility". The Times of India. 22 February 2024.
  14. ^ "Tata Power" (PDF). www.tatapower.com.
  15. ^ Adhikary, Debaroti (16 April 2025). "Gensol and BluSmart promoter Anmol Singh Jaggi diverted EV loans to purchase a DLF Camellias flat: SEBI". Moneycontrol. Retrieved 16 April 2025.
  16. ^ Alex, Riya R (16 April 2025). "₹50 crore DLF Camellias Gurgaon flat: Here's how Anmol Singh Jaggi used Gensol funds". Mint. Retrieved 16 April 2025.
  17. ^ Manchanada, Kunal (16 April 2025). "Flat in Camellias, golf sets, and foreign trips: How Gensol's promoters siphoned funds". Entrackr. Retrieved 16 April 2025.
  18. ^ Kumar, Brajesh (16 April 2025). "Gensol likely to face multi-agency probe as Sebi flags fund diversion, stock manipulation". Moneycontrol. Retrieved 16 April 2025.
  19. ^ "SEBI Interim Order in the matter of Gensol Engineering Limited" (PDF). NSE. Securities and Exchange Board of India. Retrieved 16 April 2025.
  20. ^ Raghavan, Ranjani; Gopakumar, Gopika (24 February 2025). "Blu Smart repays after 'default'. Now it has to convince bondholders". Mint. Retrieved 16 April 2025.
  21. ^ Florentyna, Anne (10 April 2025). "BluSmart Delays Salaries Citing Cash Flow Issues: Report". Inc42 Media. Retrieved 16 April 2025.
  22. ^ Mukherjee, Vasudha (18 April 2025). "Crisis deepens at BluSmart as more directors resign amid Gensol crisis". Business Standard. Retrieved 18 April 2025.
  23. ^ "EVReporter, 2 March 2020". No. Online. EVReporter. 2 March 2020.
  24. ^ "EV cab provider BluSmart starts operations in Bengaluru". No. Online. FinancialExpress. 27 September 2022.
  25. ^ "Serviceable Regions Across Delhi NCR & Bengaluru". BluSmart.
  26. ^ "BluSmart expands to Mumbai, launches invite-only service - CNBC TV18". CNBCTV18. 6 January 2025. Retrieved 26 March 2025.
  27. ^ "BluSmart launches 100% all-electric premium limousine service in UAE". www.business-standard.com. Archived from the original on 22 January 2025. Retrieved 26 March 2025.
  28. ^ "Express Drive, 14 July 2020". No. Express Drive Online. Financial Express. Financial Express. 14 July 2020.
  29. ^ "BluSmart launches hourly electric car rental at Rs 199, in-app wallet for contactless payments". The Financial Express. 14 July 2020. Retrieved 14 September 2021.
  30. ^ Achary, Neel (15 April 2021). "BluSmart starts COVID-vaccination for its driver partners, Vaccination status to show on customer app". Business News This Week. Retrieved 14 September 2021.
  31. ^ "BluSmart starts COVID-vaccination for its driver partners, Vaccination status to show on customer app". Media Bulletins. 15 April 2021. Retrieved 14 September 2021.
  32. ^ "BluSmart Mobility launches EV intercity rides from Delhi NCR to Chandigarh, Jaipur". The Indian Express. 6 April 2022. Retrieved 11 April 2022.
  33. ^ "Tata-Jio-BP supercharge BluSmart's expansion plans". 3 December 2021.
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