Bengaluru, September 9, 2025 – Defunct electric ride-hailing startup BluSmart’s official website domain “blu-smart.com” is now up for sale. A quick check of the BluSmart website revealed that visitors are redirected to a parked page stating the domain can be acquired.
The development comes after a series of setbacks for the company. In April, markets regulator SEBI found Gensol promoters and BluSmart cofounders Anmol Singh Jaggi and Puneet Singh Jaggi guilty of misutilising company funds in a “fraudulent manner.”
In its order, the regulator said Gensol tried to mislead SEBI, credit rating agencies (CRAs), lenders, and investors by submitting forged conduct letters allegedly issued by its lenders. SEBI also barred the promoters of Gensol Engineering from holding the position of director or key managerial personnel of the troubled company.
Subsequently, BluSmart suspended cab booking services, leaving its app accessible but non-functional. By June, the app stopped working altogether, with users reporting that it crashed upon opening and displayed the message “something went wrong!” across both Android and iOS devices.
In August, the Ahmedabad bench of the National Company Law Tribunal (NCLT) admitted an insolvency plea against BluSmart following defaults on financial dues. Since then, close to 200 applicants have filed claims worth nearly INR 500 Cr against the company, including lenders such as Catalyst Trusteeship and the Indian Renewable Energy Development Agency (IREDA), alongside several former executives who have sought dues under employee claims.
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BluSmart’s operations were closely tied to Gensol Engineering, the listed company founded by the Jaggi brothers. Gensol was BluSmart’s biggest fleet supplier and, in turn, relied heavily on BluSmart as its largest customer. However, Gensol itself has been battling debt, downgraded credit ratings, and regulatory scrutiny over alleged governance lapses. Credit rating agencies even flagged delays by BluSmart in meeting certain debt obligations, further worsening investor confidence.
The company also faced a top-level exodus this year, with its CEO, CBO, CTO, and other senior executives stepping down. Meanwhile, regulators such as SEBI and enforcement agencies have been probing the Jaggi brothers over alleged financial misconduct, further clouding BluSmart’s fundraising prospects.
Investors, including bp Ventures and responsAbility, were reported earlier this year to be exploring a $30 Mn revival plan for BluSmart. However, with the domain now up for sale, a non-functional app, and insolvency claims piling up, there has been no word on whether such a rescue is still on the table.
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