With Gensol under the lenses of SEBI, BluSmart riders worry about loss of money in ride-hailing app wallet

Riders of BluSmart in Delhi-NCR and Bengaluru on Wednesday found that none of the schedules were working, for both Rentals as well as City Rides.

The electric ride-hailing start-up’s owners have come under the lenses of SEBI, which is also raising questions about its operational future. SEBI has issued an interim order dated April 15 against Gensol Engineering and its promoters in which it has said that the promoters treated the listed company as a proprietary firm, diverting corporate funds to buy a high-end apartment in The Camellias, DLF Gurugram, splurging on a luxury golf set, paying off credit cards and transferring money to close relatives.

Gensol, which leased electric vehicles (EVs) to BluSmart, is accused of misusing over ₹200 crore sanctioned for EV procurement.

The company, meanwhile, has also acknowledged this development and “has taken note of all directives contained in the said order,” it said in a stock filing.

Customers anxious

Many customers in Delhi-NCR also got the news and called BluSmart customer care for refund of their money kept in the company wallet. The company has said their money would be refunded within the next seven working days.

“I asked BluSmart for refund of my wallet through their customer care route. They said refund has been initiated and will be debited in seven days but gave me no written intimation of whether this will actually happen…the app is not letting you book any slots,” said a regular user of BluSmart in Delhi-NCR.

The company declined to comment on the developments.

Earlier this week, reports had surfaced that BluSmart may be winding down its core ride-hailing business and transitioning into a fleet partner for Uber. Uber launched its own EV services – Green in 2023, to compete with companies like BluSmart and announced to deploy 25,000 EVs through partners such as Everest Fleet, Lithium Urban Technologies and Moove.

Published on April 16, 2025