Promising Indian EV Taxi Startup BluSmart Shuts its Operations

 

EV taxi hailing services company BluSmart goes bust due to mishandling of funds. A promising startup which provided EV only taxis to the selected the urban communities ending up in a financial scam is shocking for the startup ecosystem.

Over 262 crore Indian rupees of funds missing

Also recently Gensol, the company run by one of the cofounder Anmol Singh Jaggi which leases cars to BluSmart had secured 977 crores of government backed loan from IREDA & PFC exclusively to buy EV's, but SEBI found that 262.13 crore missing, also about 829.86 to 567.73 crores remains unaccounted. About 42 crore was directly traced to a luxury apartment in Gurugram's elite properties in DLF Camellias.

A sudden exodus of the top executives in the recent few days has been raising eyebrows event for the onlookers. Also the company was facing a cash burn of about 20 crores every month.