BluSmart hits the brakes! EV cab startup suspends services amid SEBI probe

BluSmart, the EV-based ride-hailing startup connected to Gensol that dared to take on giants like Ola and Uber with its sustainability-first model, appears to be pulling the brakes on its core business.

In a quiet yet telling move, the company has disabled new bookings on its app across key cities like Delhi-NCR and Bengaluru, leaving users with no option to book rides or select future time slots.

This operational pause comes on the heels of a stormy development, a regulatory probe by SEBI into Gensol Engineering, BluSmart’s financial and operational backbone.

Gensol, which leased electric vehicles to BluSmart and shares close financial ties with the startup, has been accused of misappropriating over Rs 200 crore meant for EV procurement.

BluSmart is now reportedly pivoting away from the app-based cab business model altogether. Instead, it’s charting a new course as a fleet partner for Uber—ironically, one of the very incumbents it was trying to disrupt. Sources suggest the transition has already been approved by shareholders and will begin in phases, starting with 700–800 vehicles.

While timelines are still being finalized, this shift could mark the end of BluSmart’s bold bid to become India’s first all-electric ride-hailing alternative.