BluSmart Rebrands to Uber Green in Bengaluru Amid Gensol Engineering Fraud Scandal
News Synopsis
Once positioned as a major player against Uber and Ola in India's electric mobility sector, BluSmart is reportedly undergoing a brand shift. According to a report by NDTV Profit, BluSmart has started rebranding its fleet under Uber Green in Bengaluru.
This development follows the suspension of ride bookings across major metro cities – Delhi-NCR, Bengaluru, and Mumbai – after SEBI flagged a financial fraud involving its backer Gensol Engineering.
Major Financial Fraud Forces Strategic Shift
SEBI Flags Fund Misuse by Gensol Engineering
Gensol Engineering, the financial supporter of BluSmart, allegedly diverted a significant portion of an EV loan worth ₹900 crore. SEBI’s 20-page interim order reveals that ₹262 crore was siphoned off to purchase a luxury apartment at DLF Camellias, instead of being used for electric vehicle procurement.
BluSmart co-founder Anmol Singh Jaggi, who also has deep ties with Gensol, is under investigation.
Leasing Fleet to Uber India Under Uber Green
NDTV Profit reports that BluSmart is in talks with Uber India to lease between 8,000 to 10,000 electric vehicles (EVs) under the Uber Green brand. Some BluSmart cabs in Bengaluru have already had their livery updated to Uber Green.
A local driver in Bengaluru reportedly confirmed the rebranding initiative.
Internal Communications with Employees
In an internal email to employees, BluSmart wrote:
“Due to vehicle audits, operations will be temporarily halted for the next few days starting tomorrow.”
The company added:
“As soon as the audit is completed and operations resume, you will be called back immediately. You will receive a message for slot booking.”
NDTV Profit also reported that around 200 cabs are currently idle at a charging facility in Sarjapur, Bengaluru, as part of this operational transition.
BluSmart’s Message to Customers Amid Service Suspension
In light of the Gensol-linked controversy, BluSmart sent out the following email to its customers:
“We’ve decided to temporarily close bookings on the BluSmart app. We truly appreciate your support. While we strive to be back soon to serve you with the same warmth and smile, we will initiate a refund within the next 90 days if services do not resume before then.”
At the time of writing, the BluSmart app is still downloadable, but booking slots remain unavailable.
SEBI’s Gensol Probe: Massive Financial Irregularities Unearthed
EV Loan Misappropriation
SEBI stated that Gensol received ₹663.89 crore in loans from IREDA and PFC to procure 6,400 EVs, but only 4,704 EVs worth ₹567.73 crore were purchased. The remaining ₹262.13 crore was illegally diverted via a shell entity, Wellray Solar Industries, controlled by a former Gensol employee.
The diverted funds were then allegedly transferred to related parties, including ₹25.76 crore to Anmol Singh Jaggi and ₹13.55 crore to Puneet Jaggi.
Real Estate & Lavish Spending
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Capbridge Ventures LLP, where the Jaggi brothers are partners, paid ₹42.96 crore to DLF for a luxury flat.
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The payment trail includes ₹93.88 crore from Gensol, routed through Go-Auto, which received funds from IREDA.
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Anmol’s mother, Jasminder Kaur, also made an advance booking using Gensol's money.
Other misused funds include:
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A ₹26 lakh golf set
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₹1.8 crore in foreign currency (AED)
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₹17.28 lakh to Titan Company
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Spa bills worth ₹10.36 lakh
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₹50 lakh invested in Ashneer Grover’s startup Third Unicorn
Stock Manipulation Using Wellray Solar Industries
SEBI also discovered that Wellray Solar handled 99% of trades in Gensol’s stock, conducting ₹338 crore worth of transactions between November 2022 and November 2024, allegedly with Gensol's own funds, inflating the company’s share price.
When SEBI officials visited Gensol’s Pune facility, they found no manufacturing activity. Electricity bills were also unusually low, under ₹1.6 lakh/month, contradicting claims of large-scale EV production and 30,000 pre-orders.
SEBI Chair Speaks on Accountability
SEBI Chairperson Tuhin Kanta Pandey said in a statement to India Today:
“There will be companies like Gensol in the system. SEBI’s job is to find and punish them.”
How to Request a Wallet Refund from BluSmart?
If you’re a BluSmart customer with unused wallet funds, here’s how you can initiate a refund:
Step-by-Step Process:
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Open the BluSmart app on your phone.
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Navigate to the Menu (top-left corner) and go to Help.
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Select ‘Blu Wallet’.
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Click on ‘Does this resolve your issue?’ and tap the thumb-down icon.
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A chat support window will open. Contact the team and request a refund.
The company has promised that refunds will be processed within 90 days if services do not resume before then.
Conclusion
BluSmart’s transition to Uber Green may mark a new chapter for the electric mobility player, but the underlying financial scandal linked to Gensol Engineering has deeply impacted its operations and credibility.
With SEBI actively investigating the matter and customer services temporarily suspended, the future of BluSmart remains uncertain. Stakeholders and users alike await clarity, hoping for justice and restoration of transparency in India’s growing EV ecosystem.
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