Defunct electric ride-hailing startup BluSmart’s official website domain “blu-smart.com” is now up for sale. A quick check of the BluSmart website revealed that visitors to the site are redirected to a parked page that states that the domain can be acquired.
The development comes on the back of a series of troubles plaguing the company. In April, markets regulator SEBI found Gensol promoters and BluSmart cofounders Anmol Singh Jaggi and Puneet Singh Jaggi guilty of misutilising company funds in a “fraudulent manner”.
In its order, the regulator said Gensol tried to mislead SEBI, credit rating agencies (CRAs), lenders, and investors by submitting forged conduct letters allegedly issued by its lenders. SEBI also barred the promoters of Gensol Engineering from holding the position of director or key managerial personnel of the troubled company.
Subsequently, BluSmart suspended cab booking services, leaving its app accessible but non-functional.
By June, the app stopped working altogether, with users reporting that the app crashed upon opening and displayed the message “something went wrong!” across both Android and iOS devices.
In August, the Ahmedabad bench of the National Company Law Tribunal (NCLT) admitted an insolvency plea against BluSmart following defaults on financial dues.
Since then, close to 200 applicants have filed claims worth nearly INR 500 Cr against the company, including lenders such as Catalyst Trusteeship and the Indian Renewable Energy Development Agency (IREDA), alongside several former executives who have sought dues under employee claims.
BluSmart’s operations had been intertwined with Gensol Engineering, the listed company founded by BluSmart’s cofounders Jaggi brothers. Gensol was BluSmart’s biggest fleet supplier until recently and, in turn, relied heavily on BluSmart as its largest customer.
But, Gensol itself has been battling debt, downgraded credit ratings, and regulatory scrutiny over alleged governance lapses. Credit rating agencies even flagged delays by BluSmart in meeting certain debt obligations, further worsening investor confidence.
As Gensol’s financial troubles mounted, BluSmart lost the critical support system that helped it build one of India’s largest EV-only fleets. The company also faced a top-level exodus this year, with its CEO, CBO, CTO and other senior executives stepping down.
To add to the pressure, regulators such as SEBI and enforcement agencies have been probing the Jaggi brothers over alleged financial misconduct, further clouding BluSmart’s fundraising prospects.
Investors, including bp Ventures and responsAbility, were reported earlier this year to be exploring a $30 Mn revival plan for BluSmart. However, with the domain now up for sale, a non-functional app and insolvency claims piling up, there has been no word on whether such a rescue is still on the table.
The post Defunct EV Ride-Hailer BluSmart Website Domain Up For Sale appeared first on Inc42 Media.
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