Gensol Scam: Gurugram-based BluSmart, before 2025, was seen as the rising star in online ride services, a potential rival to dominant players like UBER and Ola. However, the year 2025 turned bleak for BluSmart as its founders, Anmol Jaggi and Puneet Jaggi are barred from using the capital market after they were found guilty by SEBI of diverting loan funds in Gensol, the parent company of the ride-sharing app. This pushed BluSmart to halt its cab services in metro cities like Delhi-NCR, Bangalore, and Mumbai. BluSmart users as they wish to reclaim their balance money from BluWallet. Netizens question whether they can get their money back and what the process is.
BluSmart Halts Services:
Sebi has found default in Gensol's debt servicing. The market watchdog found Gensol's founders, Anmol Singh Jaggi and Puneet Singh Jaggi as the direct beneficiaries of diverted funds in the company. Hence, the regulator barred the Jaggi brothers and Gensol from accessing capital markets, along with halting its upcoming stock split action. This was enough to burn Gensol's share prices as investors carried out severe profit booking.
Following the Gensol crisis, the Jaggi brothers founded ride-sharing company, BluSmart felt the impact. The online cab services provider has halted all its services.
The Delhi Airport also released a directory to air passengers related to the cancellation of services of BluSmart. It said, "BluSmart has temporarily suspended its operations at Delhi Airport. However, there are adequate cab and tax services available which includes OLA, UBER, Mega, Meru, Black & Yellow Taxis, and Carzonrent, operating from both Terminal 1 and Terminal 3".
Majority of netizens shock-shelled demanded their balance money back from BluWallet. A user said, "To date, I have used BluSmartIndia every day for about a year. I refused to buy a car because it was so good. In Jan, I put 30K in the wallet because they gave 10% cashback. I have 18.5K left in it, and my dad has 6K in his account. Will they return the money?."
Meanwhile, another user said, "Now it's April, ₹16,474 stuck in my BluSmart wallet, while SEBI confirms fund diversions," adding, "Had mailed the team after Uber news. Got "media speculation" as a reply." This user demand BluSmart to give her money back into her account.
Moreover, founder of Verak Insurance, Rahul Mathur revealed that BluSmart has clarified that it will refund unused wallet balances. He added, "albeit, I'm not sure where customer funds escrow sits in the creditor repayment stack." He shared a clip, where BluSmart has replied to his queries when he tried to reclaim his balance money.
In the reply notification, BluSmart told Rahul, "We've decided to temporarily close bookings on the BluSmart app. We truly appreciate your support. While we strive to the 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."
That being said, here's how to claim for refund from your BluWallet:
Step 1: Open Your BluSmart app.
Step 2: On the app, at the top left, click on the menu icon.
Step 3: Under the icon, you will find a Blu Wallet option in the lowdown.
Step 4: After clicking on Blu Wallet, select FAQ section. Then, press the thumbs-down which is near the ''Does this solve your issue?' question. This move will direct you to an agent, to whom you can request a refund of your balance money.
About BluSmart:
Founded in January 2016, BluSmart gained popularity in metro cities with its services, giving direct competition to Uber and OLA and even outrunning new taxi-hailing entrants like Rapido and Namma Yatri. The founders of the company are Anmol Singh Jaggi, Punit K Goyal, and Puneet Singh Jaggi.
In July 2024, the company raised $24 million (₹200 crore) in a funding round led by its existing investors, Zurich-based climate finance firm Responsability Investments, cricketer MS Dhoni's family office, and ReNew founder Sumant Sinha, as per Wikipedia. The company's vehicles included Mahindra e-Verito, Tata e-Tigor, Tata Xpres-T EV, Hyundai Kona Electric, MG ZS Electric, and Citroen e-C3.
BluSmart created a milestone by becoming the country's first all-electric shared smart mobility platform. However, in the current scenario, the future of BluSmart looks gloomy.
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