What Sparked the Storm?
SEBI is probing BluSmart and its parent Gensol Engineering for alleged misuse of nearly Rs977 crore. Loans meant for electric vehicle procurement were reportedly diverted to fund luxury assets and personal expenses.
BluSmart-Gensol Saga: What You Need to Know So Far
BluSmart’s financial troubles and Gensol’s alleged misuse of EV funds have triggered a major startup governance crisis. SEBI’s investigation reveals luxury purchases, shell companies, and stock manipulation linked to public loans.
BluSmart's Bumpy Ride: Inside Anmol Jaggi's Fund Diversion, Gensol's Crisis and Potential Sell Off
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India’s EV Dream Faces a Reality Check
India’s most-hyped EV startup is now facing an image crisis, halted operations, and falling investor confidence. This saga raises red flags on public fund misuse and corporate governance in India's green mobility space.
Source: Linkedin.com
BluSmart Suspends Operations
BluSmart halted its services across Delhi-NCR, Mumbai, and Bengaluru following the SEBI order, leaving thousands of drivers without work. BluSmart Suspends Operations.
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Gensol's Share Price
Gensol Engineering's stock has declined over 83% in 2025, reflecting investor concerns over governance and financial irregularities.
Independent Directors Resign
Two independent directors, Harsh Singh and Kuljit Singh Popli, resigned from Gensol's board, citing governance issues amid the ongoing investigation.
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BluSmart Plans to Switch its Business Model
Facing operational challenges, BluSmart is reportedly considering transitioning from a ride-hailing service to a fleet operator model, potentially partnering with Uber.
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Use of Shell Companies
Investigations revealed that a Gensol subsidiary, Wellray, was used to artificially inflate Gensol's stock price by accounting its trading volume over two and a half years.
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SEBI Initiates Forensic Audit
SEBI has commenced a forensic audit of Gensol Engineering to delve deeper into the financial discrepancies and fund diversions.
Public Funds Misused
Loans totaling Rs977 crore from IREDA and PFC, intended for EV procurement, were allegedly misused, with only 4,704 of the planned 6,400 vehicles purchased.
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Eversource Capital Eyes to Acquire BluSmart for ₹1,000 Crore, Plans Lithium Urban Merger
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