BluSmart, the troubled EV ride-hailing company, is reportedly in talks with two climate and mobility-focused distressed funds to secure financing and revive its operations. According to a Business Standard report, one of these funds has previously been a significant B2B2C customer of BluSmart in Delhi.

While the exact size of the potential investment remains undisclosed, it is said to be larger than Everstone Capital’s recent acquisition offer, which was valued between INR 800-1,000 crore, as previously reported by Inc42. Additionally, some of BluSmart’s existing investors, including BP Ventures, Lightsource BP, responsAbility Investments AG, and Mayfield India Fund, are also exploring further capital infusions.

Once hailed as a sustainable rival to Ola and Uber, BluSmart’s fortunes took a downturn after its founders were accused of funds misappropriation, forged documentation, and stock market manipulation. Its affiliate, Gensol Electronics, faced action from SEBI, which barred promoters Anmol and Puneet Jaggi from board positions and market activities. This led to a more than 80% crash in Gensol’s stock price, causing distress among retail and celebrity investors such as MS Dhoni and Deepika Padukone.

Following the controversy, BluSmart suspended operations across Delhi NCR, Mumbai, and Bengaluru, while ED raids were conducted at multiple Gensol properties and the Jaggi brothers’ residences. Puneet Singh Jaggi was detained by the ED, while Anmol Jaggi is reported to be in Dubai.

The company has also witnessed a mass leadership exit, with independent director Arun Meno, CEO Anirudh Arun, CBO Tushar Garg, CTO Rishabh Sood, and VP of Experience Priya Chakravarthy all resigning in recent months.

Founded in 2019 by Anmol Jaggi and Punit K Goyal, BluSmart operates EV ride-hailing and charging services across major Indian cities and claims to own South Asia’s largest EV fleet of over 10,000 vehicles. However, a recent order by the Delhi High Court has restricted BluSmart and Gensol from selling, transferring, or using 175 leased EVs from Orix India as collateral, severely limiting the company’s ability to raise fresh funds or restructure its operations.

BluSmart, the troubled EV ride-hailing company, is reportedly in talks with two climate and mobility-focused distressed funds to secure financing and revive its operations. According to a Business Standard report, one of these funds has previously been a significant B2B2C customer of BluSmart in Delhi.

While the exact size of the potential investment remains undisclosed, it is said to be larger than Everstone Capital’s recent acquisition offer, which was valued between INR 800-1,000 crore, as previously reported by Inc42. Additionally, some of BluSmart’s existing investors, including BP Ventures, Lightsource BP, responsAbility Investments AG, and Mayfield India Fund, are also exploring further capital infusions.

Once hailed as a sustainable rival to Ola and Uber, BluSmart’s fortunes took a downturn after its founders were accused of funds misappropriation, forged documentation, and stock market manipulation. Its affiliate, Gensol Electronics, faced action from SEBI, which barred promoters Anmol and Puneet Jaggi from board positions and market activities. This led to a more than 80% crash in Gensol’s stock price, causing distress among retail and celebrity investors such as MS Dhoni and Deepika Padukone.

Following the controversy, BluSmart suspended operations across Delhi NCR, Mumbai, and Bengaluru, while ED raids were conducted at multiple Gensol properties and the Jaggi brothers’ residences. Puneet Singh Jaggi was detained by the ED, while Anmol Jaggi is reported to be in Dubai.

The company has also witnessed a mass leadership exit, with independent director Arun Meno, CEO Anirudh Arun, CBO Tushar Garg, CTO Rishabh Sood, and VP of Experience Priya Chakravarthy all resigning in recent months.

Founded in 2019 by Anmol Jaggi and Punit K Goyal, BluSmart operates EV ride-hailing and charging services across major Indian cities and claims to own South Asia’s largest EV fleet of over 10,000 vehicles. However, a recent order by the Delhi High Court has restricted BluSmart and Gensol from selling, transferring, or using 175 leased EVs from Orix India as collateral, severely limiting the company’s ability to raise fresh funds or restructure its operations.