BluSmart’s domain is now listed as available for purchase amid its operational collapse
SEBI found its promoters guilty of financial fraud and misleading stakeholders
Regulatory action led to the suspension of cab services and the app going offline
The domain name of crisis-hit electric ride-hailing start-up ‘BluSmart’ is now available for sale. Its website shows that “blu-smart.com is parked free”, which means that the domain can be acquired. This comes in the backdrop of a series of troubles plaguing the platform.
In April, the Securities and Exchange Board of India (Sebi) held promoters of Gensol and BluSmart cofounders (Anmol Singh Jaggi and Puneet Singh Jaggi) responsible for fraudulently diverting company funds.
The order stated that Gensol tried to mislead the markets regulator, credit rating agencies (CRAs), lenders, and investors by submitting forged conduct letters that were falsely claimed to have been issued by its lenders.
Sebi then prohibited the Gensol Engineering promoters from serving as directors or holding any key managerial roles within the company. The start-up subsequently suspended cab booking services and its app became non-functional.
BluSmart Insolvency Proceedings
BluSmart raised ₹15 crore through non‑convertible debentures (NCDs) in 2023. While early payments were met, the company failed to settle ₹64 lakh due on March 31, 2025 and ₹63 lakh due on April 30, 2025, according to filings by Catalyst Trusteeship.
Some media reports had earlier reported that BluSmart had also secured nearly ₹100 crore in debt from multiple fintech platforms much of which remains unpaid.
Operations at BluSmart have ceased, with drivers migrating to rival platforms amid mounting financial pressure. In a related development the resolution professional for Gensol, BluSmart’s parent and fellow NCLT‑admitted company, leased out its fleet of 4,000 cars across Delhi NCR and Bengaluru to generate interim cash flow.
The Ahmedabad bench of the National Company Law Tribunal (NCLT) had admitted an insolvency plea against the start-up over unpaid financial obligations totaling ₹1.28 crore. More than 200 applicants have likely staked claims worth about ₹500 crore for the assets of BluSmart.
The start-up's admission to insolvency proceedings marks one of the highest-profile distress cases in India's nascent electric mobility sector. Observers note that the company's rapid expansion, from fleet deployment to multiple city rollouts, outpaced its ability to generate sustainable revenue amid fierce competition and high operating costs.
