It seems that Blusmart is a Uber competitor in India

It seems that Blusmart, the start of CAB in India, which was previously seen as an emerging competitor, has been suspended in some cities such as the country’s market organizer It launched a probe in the genesis engineeringThe publicly listed company that shares two of its founders.

The cabin service, which was working in Delhi NCR, Bengaluru and Mumbai, is no longer displaying holes available to many cycles in these cities. Delhi Airport also I issued a consultant Blusmart service was temporarily suspended. Some affected customers also raised concerns about accessing money stored in their Blusmart portfolios now after the service is not available.

The sudden lack of availability comes just one day after the launch of the Securities and Stock Exchange Council in India (Sebi) is an investigation in Gensol Engineering, which shares the participants Blusmart founders, Anmol Singh Jaggi and Punete Singh Jaggi. The organizer accused the participating founders of redirecting large loans for personal use, including buying luxury properties on the outskirts of capital in India.

After the orders of the market organizer, the Jaggi brothers resigned from their administrative positions on Wednesday. “They no longer participate in the management of the company according to Sibi’s instructions, effective,” said Ginsol in it. presentation (PDF) to Indian stock exchanges.

Although it was not available to passengers, the Blusmart board has not shared any updates with its investors until Wednesday, and Techcrunch has learned.

“It is really surprising to us that the service is not available,” Blusmart is really surprising. “It seems that it is a scaling effect of what happened with Gensol,”

In early April, Blusmart revealed that it reached 8.4 billion Indian rupees (98 million dollars) in repeated annual revenues (ARR) in 2024, which achieved 700 million Indian rupees in monthly revenues. The startup also informed the investors that the size of its fleet grew to about 8,700 volts, up from 6000 EVS in early 2024.

Blusmart calculates global investors including BP Ventures and Mayfield India Fund among its first supporters. Gurugram start starting Rapid 25 million dollars In the last financing round of the responsibility of the effects of influence in Switzerland, it aims to expand the infrastructure of EV. Techcrunch realizes that its value is worth $ 250 million at the time.

Media reports this week indicated that Blusmart was a pivotal in a fleet partner. The start of the EV fleet was on the Gensol rental. However, Gensol explained in its recent files on the stock exchange that it “has not reached any agreement or discussions on any integration, acquisition or sale of assets or any other important treatment that has not been disclosed.”

Gagi did not respond to the Blusmart co -founder of the suspension requests. When contacting him, co -founder Ponit K. Joyl Screen shots of Infiden by individuals who claim to have “occurred in the storm” due to the alleged corporate governance issues with Ginsol.