News Summary

BluSmart, an all-electric cab-hailing startup in India and a potential rival to Uber, has suspended services in various cities following a probe by the Securities and Exchange Board of India (SEBI) into Gensol Engineering. Gensol, which shares BluSmart’s co-founders, was accused of redirecting loan funds for personal use. This development led to the stepping down of BluSmart’s co-founders from their managerial roles. Despite these challenges, BluSmart had recently reported significant growth in its annual recurring revenue and fleet size, with plans to expand its EV charging infrastructure.