BluSmart, an all-electric cab-hailing startup in India, has suspended its services in multiple cities, including Delhi, Bengaluru, and Mumbai. This comes after the Securities and Exchange Board of India initiated an investigation into Gensol Engineering, which shares co-founders with BluSmart. As a result, the Jaggi brothers resigned from their managerial roles at Gensol. Affected users have expressed concerns regarding their BluSmart wallet balances, while investors noted the service disruption appears to be related to Gensol's regulatory challenges. Prior to the suspension, BluSmart reported significant annual revenue growth.
It seems to be a rub-off effect of what has happened with Gensol.
They are no longer participating in the management of the Company as per SEBI's instructions.
BluSmart disclosed that it hit 8.4 billion Indian rupees in annual recurring revenue (ARR) in 2024.
Customers have raised concerns about accessing the money stored in their BluSmart wallets now that the service is unavailable.
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