BluSmart built an all-electric ride-hailing platform with its own EV fleet and charging infrastructure before entering insolvency proceedings in 2025.
Discover how Anmol Singh Jaggi and his co-founders built BluSmart into India’s prominent EV ride-hailing startup, and how its connection with Gensol Engineering ultimately contributed to its financial and operational collapse.
Written by TFN Research Desk | covering startups, technology, venture capital, and business strategy
Quick Facts
| Founders | Anmol Singh Jaggi, Puneet Singh Jaggi (with Punit K. Goyal) |
| Education | Puneet Singh Jaggi – Chemical Engineering, IIT Roorkee |
| Prior Ventures | Both brothers – Co-Founders, Gensol Engineering (solar EPC, founded 2007) |
| Role | Co-Founder, BluSmart (Anmol Singh Jaggi) |
| Founded | 2019 |
| Sector | EV Ride-hailing |
Introduction
Anmol Singh Jaggi liked to describe himself as a first-generation entrepreneur, the son of an army officer who walked away from a petroleum engineering career to build a sustainable business without leaning on one large grant or private equity check. (The Print) Alongside his brother Puneet and co-founder Punit K. Goyal, Jaggi launched BluSmart in January 2019, an all-electric ride-hailing platform positioned as India’s answer to Uber. (Wikipedia) Six years later, that story collapsed almost overnight, when regulatory findings against the founders’ other company triggered a chain reaction that shut BluSmart down entirely. (TechCrunch)
The BluSmart Story
Before founding BluSmart, the Jaggi brothers had already built Gensol Engineering, a solar EPC and consulting firm founded in 2007, which later expanded into EV leasing and manufacturing. (The Print) Co-founder Punit K. Goyal, who had previously sold a Maharashtra plant to Suzlon for $55 million, said the idea for BluSmart came to him after meeting Hyperloop One’s CEO and Uber’s former CFO on a single evening in Las Vegas, which convinced him of mobility’s next frontier. (CB Insights)
BluSmart launched with a fleet-operator model, partnering with Mahindra & Mahindra for its first batch of EVs and raising a $3 million angel round in September 2019 that included Deepika Padukone’s investment office. (Wikipedia) The company positioned itself around reliability and sustainability, later partnering with Jio-BP on charging infrastructure and securing Verra carbon-emissions accreditation. (Wikipedia) Crucially, Gensol became BluSmart’s primary EV lessor, supplying much of its fleet, a structural link between the two Jaggi-founded companies that would later prove central to BluSmart’s downfall. (TechCrunch)
In April 2025, India’s Securities and Exchange Board of India (SEBI) launched an investigation into Gensol Engineering, alleging the Jaggi brothers had misused electric vehicle loans, including diverting funds toward personal luxury real estate purchases. (TechCrunch) SEBI barred both brothers from holding directorships at Gensol and from accessing public markets, and they stepped down from their managerial positions immediately. (TechCrunch) BluSmart’s app went dark for riders the very next day, and the company subsequently confirmed it had roughly ₹2.5 billion (~$30 million) in pending dues, including months of unpaid employee salaries. (TechCrunch)
Business Model
BluSmart operated as a vertically integrated EV ride-hailing platform, distinct from marketplace rivals like Ola and Uber:
| Revenue Stream | How It Works |
|---|---|
| Fixed-price EV rides | Company-owned electric vehicle fleet, rather than a driver marketplace |
| Charging infrastructure | Proprietary charging superhubs supporting its own fleet |
| Fleet leasing (via Gensol) | EVs leased from sister company Gensol Engineering to operate the BluSmart fleet |
(Sourced from The Print)
Funding History
| Round | Year | Amount | Key Investors |
|---|---|---|---|
| Angel round | Sep 2019 | $3 million | JITO Angel Network, Deepika Padukone’s Investment Office |
| Series A–B | 2021–2023 | Multiple rounds | BP Ventures, responsAbility, Mayfield, Sumant Sinha |
| Growth funding | 2023–2024 | Multiple rounds | BlackSoil Capital, Power Finance |
| Proposed revival funding | May 2025 | $30 million (proposed, unsecured debt) | BP Ventures, responsAbility |
(Sourced from CB Insights and Tracxn)
Overall, BluSmart raised between $159-406 million across its lifetime, depending on the source and whether debt financing is included. Its proposed $30 million revival package, discussed in May 2025, was contingent on co-founder Anmol Singh Jaggi resigning from the board, though investor discussions ultimately did not prevent the company’s slide into insolvency. (TechCrunch)
Current Status
BluSmart Mobility Limited was formally admitted into Corporate Insolvency Resolution Process (CIRP) by the National Company Law Tribunal in Ahmedabad in mid-2025, following a petition over unpaid debenture obligations, with an insolvency professional appointed to take over management. (Moneylife) Its technology subsidiary, which holds the company’s app and algorithms, was separately pushed into insolvency in October 2025 over an unpaid Google Maps services bill. (Insolvency Tracker) Sister company Gensol Engineering was also admitted into insolvency proceedings separately in August 2024. (Insolvency Tracker) As of early 2026, resolution professionals have been fielding interest from potential acquirers for BluSmart’s assets, including EverSource Capital and a bid led by a former BluSmart executive backed by Refex Mobility, while its former fleet of roughly 8,700 EVs remains disputed between the resolution processes of BluSmart and Gensol. (Tracxn)
BluSmart vs Competitors
BluSmart competed with Ola, Uber, and smaller EV-focused rivals like Snap-E Cabs in India’s ride-hailing market. (Tracxn) Its all-EV, company-owned fleet model differentiated it from commission-based marketplace competitors, but that same asset-heavy structure, financed substantially through its sister company, ultimately became its greatest vulnerability.
Key Takeaways
- Anmol Singh Jaggi and Puneet Singh Jaggi, alongside co-founder Punit K. Goyal, founded BluSmart in January 2019 as an all-electric ride-hailing platform.
- The company raised between $159-406 million and built a reputation as a reliable, sustainability-focused alternative to Ola and Uber.
- A SEBI investigation into sister company Gensol Engineering in April 2025 alleged the Jaggi brothers misused EV loans for personal purchases, leading both to be barred from directorships.
- BluSmart’s operations halted the following day, leaving roughly ₹2.5 billion in unpaid dues, including employee salaries.
- Both BluSmart and Gensol Engineering are now under separate Corporate Insolvency Resolution Processes, with resolution professionals fielding acquisition interest as of early 2026.
FAQs
Who founded BluSmart?
Anmol Singh Jaggi, Puneet Singh Jaggi, and Punit K. Goyal founded BluSmart in January 2019.
Is BluSmart still operating?
No, its operations halted in April 2025, and the company is now under Corporate Insolvency Resolution Process.
Why did BluSmart collapse?
A SEBI investigation into sister company Gensol Engineering alleged the Jaggi brothers misused EV loans, leading to their removal from directorships and a subsequent operational and financial collapse at BluSmart.
Who were BluSmart’s competitors?
Ola, Uber, and EV-focused rivals like Snap-E Cabs in India’s ride-hailing market.
© The Founder Nation | Written by TFN Research Desk
