India’s Uber-rival BluSmart appears to suspend service in wake of EV loan probe

BluSmart, India’s all-electric cab-hailing startup that was once seen as an emerging rival to Uber, appears to have suspended service in some cities just as the country’s market regulator launched a probe into Gensol Engineering, the publicly listed company that shares two of its co-founders. The cab service, which had been operating in Delhi-NCR, Bengaluru, and Mumbai, no longer shows available slots to many riders in these cities. Delhi Airport also issued an advisory that BluSmart’s service had been temporarily suspended. Some affected customers have also raised concerns about accessing the money stored in their BluSmart wallets now that the service is unavailable. The sudden unavailability comes just a day after the Securities and Exchange Board of India (SEBI) launched an investigation into Gensol Engineering, which shares BluSmart’s co-founders, Anmol Singh Jaggi and Puneet Singh Jaggi. The regulator accused the co-founders of redirecting substantial loan amounts for personal u ... Read full article.