New Delhi:
Fast-razing cab company Bluusmart with an all-electric fleet has suspended its operation, leaving thousands of users in a flap in cities such as Delhi, Bangalore and Mumbai. The service suddenly stopped working after an order from a Securities and Exchange Board of India (SEBI) against its promoters in a loan fraud case.
Blusmart can get out of its main business and act as a fleet partner for his rival Uber, Economic time Informed today. The newspaper, citing sources, said that the shareholders of Blousmart approved Uber to start their fleet transit in the next few weeks.
After Gensol Engineering promoters, Anmol Singh Jaggi and his brother Puneet Singh Jaggi, Blasmart stopped the ride booking, resigned after a SEBI ban for the alleged misconduct of funds in Gainsol.
According to the order of the Securities and Exchange Board (SEBI) against Gensol, Jaggi Brothers treated the company as “Piggy Bank”.
What is Blusmart?
In 2007, Jaggi Brothers founded Gensol Engineering as an engineering, procurement and manufacturing company.
In 2018, Jaggi came with Puneet Goyal to start an electric vehicle-level cab aggregator Blousmart, which was then called Jensol Mobility Private. It was rebuilt as Blasmart a year later, while Gensol diversified the EV leasing business.
Over the years, Blousmart became a strong challenge for the ride-haling apps, offering permanent transport and quick service. Till January 9, it had a fleet of over 8,500 electric vehicles and a charging network of 5,800 stations in Delhi NCR and 50 hubs in Delhi NCR and 50 hubs, and was supported by over 10,000 active driver partners.
According to the company’s website, Positioning itself as India’s first and largest zero emissions ride–having service, Blousmart operated a ride of 1.45 crores.
In June last year, Bluusmart launched a premium all-electric limosine service in the UAE.
Blasmart Service Stopped behind Gensol Link
The leading link is the co-founder of Jaggi Brothers, Jensol Engineering Limited (Jail).
Shortly before the disintegration at Blousmart Services, SEBI passed an interim order against Jensol Engineering Limited and its promoters Anmol Singh Jaggi and Puneet Singh Jaggi, which belonged to the case of a fund diversion and governance laps.
Markets Regulator received a complaint related to the shares of shares in the share prices and the turn of funds in June 2024.
According to SEBI, Gensol borrowed Rs 978 crore from public lenders – Indian Renewable Energy Development Agency (Ireda) and Power Finance Corporation (PFC) between 2021 and 2024. Out of this, Blousmart was rented to buy 6,400 EVS for Rs 664 crore. However, only 4,704 vehicles were purchased.
Given that Gensol also needed to provide an additional 20 percent equity contribution, the total expected outlay for EVS was around Rs 829.86 crore. By that calculation, it is unaware for Rs 262.13 crore.
SEBI suspects that a large part of this money was rooted through the respective institutions and used for personal benefits. In a major transaction, DLF was paid Rs 42.94 crore for an apartment at the High-end Camelias project in DLF Gurugram. Other heft expenses included a luxury golf set of Rs 26 lakh, individual travel and holiday, paying credit cards and transferring money to relatives.
The financial trail was allegedly turned to Anmol’s mother, Jasminder Kaur with a financial trail of Rs 6.20 crore, while his wife Mugdha Kaur Jaggi received Rs 2.98 crore. Puneet submerged Rs 87.52 lakh to his mother, Rs 1.13 crore for his husband or wife Shalmali Kaur Jaggi. SEBI said that the promoter shareholders were running the company like their individual Piggy Bank, regardless of interest.
In March 2025, credit rating agencies ICRA Limited and Care Rating Limited changed the credit rating of Jensol into junk due to delay in debt servicing.
what comes next?
Jaggi brothers have been banned from reaching the Securities Market and the proposed stock split of Gensol has been stopped. The regulator also directed the appointment of a forensic auditor to investigate the company’s financial records in detail. In addition, Jaggi Brothers cannot hold a directorial or leading managerial positions in Gainssol.
Internal issues
Reports show that Blasmart delays salary payment for March, IANS Informed In an email to the employees, Anmol Singh Jaggi said that there were issues of cash flow, but promised to clean all arrears by the end of April. “Due to lack of current cash flow, salary processing will be slightly delayed. However, we want to assure you that all arrears will be cleared within April,” Jaggi allegedly said in email.
Gensol’s independent director Arun Menon resigned with immediate effect with restrictions from his current employer with restrictions -the reasons for “the company connecting the company”.
“I would like to take you back to you in July/August of July/August 2024, when I tried to reach you to seek clarity on the company’s loan situation, and offered assistance to reduce interest cost through a loan restructuring route. While you messaged me that you would return, he was ever called,” He said Anmol Singh Jungi said.
