BluSmart’s existing investors, including bp Ventures and responsAbility Investments, are reportedly preparing to inject $30 Mn (approximately INR 253.64 Cr) into the electric cab-hailing startup to help stabilize its operations. According to a TechCrunch report, the funding—structured as unsecured debt—aims to cover overdue employee salaries and outstanding liabilities.
However, the proposal reportedly hinges on the resignation of cofounder Anmol Singh Jaggi. In response to Inc42, bp Ventures confirmed that it is working with stakeholders to identify a solution, while responsAbility declined to comment. BluSmart itself did not respond to queries.
This development follows prior discussions between BluSmart and two distressed funds focused on climate and mobility, as the company sought ways to recover after operations were halted. BluSmart suspended services following SEBI’s interim order against its affiliate, Gensol Engineering. The order cited serious allegations against promoters Anmol and Puneet Singh Jaggi, including falsifying documents and misusing funds—leading to SEBI barring them from holding board positions.
The company’s suspension affected over 10,000 drivers, triggering protests in Delhi demanding government action. Meanwhile, Eversource Capital is reportedly in talks to acquire BluSmart at a significantly reduced valuation of INR 800-1,000 Cr ($90-120 Mn), a 60% drop from its previous $300 Mn valuation.
BluSmart, founded in 2019 by Anmol Singh Jaggi and Punit Goyal, has raised about $180 Mn from backers like Lightsource BP, Mayfield India Fund, and the MS Dhoni Family Office. Despite claiming South Asia’s largest EV fleet (10,000+ EVs), the company faces limitations in raising funds due to restrictions on using 175 of its vehicles as collateral.
