On a quiet Friday afternoon, followers of BluSmart — once hailed as India’s first all-electric ride-hailing service — were jolted by a message from the company’s verified X account.
“Everyone, BluSmart company has been shut since Feb 2025. Founders have done the fraud. Do not expect any refund of your wallet money. Even the employees have also not got their four months’ salary. No point messaging on social media,” the post read.
Within minutes, the message went viral. Customers demanded clarity, employees voiced anguish, and the startup ecosystem — long considered a symbol of India’s green mobility ambitions — found itself facing an uncomfortable reckoning.
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BluSmart had been struggling for months. Founded by Anmol Singh Jaggi, director of Gensol Engineering, the company’s troubles deepened after the Securities and Exchange Board of India (SEBI) barred Jaggi in February from accessing the securities market, following allegations that he had diverted funds from Gensol for personal use — including a luxury apartment and high-end golf equipment.
From Innovation Darling to Insolvency
BluSmart’s fall from grace has been both swift and symbolic. Once seen as a sustainable rival to Ola and Uber, the startup had built a fleet of electric cabs across Delhi-NCR, positioning itself as a pioneer in clean transport. But financial cracks began to appear early this year.
By May 2025, financial creditor Catalyst Trusteeship filed a petition before the National Company Law Tribunal (NCLT), claiming BluSmart had defaulted on multiple payments totaling ₹1.28 crore across February, March, and April. On July 28, NCLT admitted the petition and approved insolvency proceedings.
That revelation alone had rattled confidence in the firm’s viability. Yet Friday’s social media post — openly accusing its own founders of fraud — marked an extraordinary public implosion.
Industry analysts say such a statement could have severe legal implications. “If verified, this message points to internal collapse and absence of control,” a senior corporate lawyer told The420.in. “If not, it suggests a security breach or rogue communication that further damages investor confidence.”
A Community in Disbelief and Anger
Social media users flooded the X thread with a mixture of sympathy, sarcasm, and suspicion. Some expressed solidarity with unpaid employees: “I hope you get your salaries. My best wishes,” one user wrote. Others doubted the authenticity of the message.
“Looks like someone from the social media team with the credentials tweeted this out of frustration over not receiving their four months’ salary,” another user speculated.
Humor and empathy intertwined as the post spread. “Thanks for being frank,” one user quipped. Another joked, “Bro, how do I hire you?” — a reflection of both disbelief and recognition of the raw honesty behind the message.
Still, for BluSmart’s former employees and users with money stuck in wallets, the situation is far from amusing. Some claim to have lost thousands in prepaid ride balances, with little hope of recovery.
Unanswered Questions and Legal Fallout Ahead
As the dust settles, fundamental questions remain unanswered. Was the post a verified internal statement or a hijacked account venting misplaced blame? Did the alleged fraud extend beyond corporate governance failures to criminal misconduct?
While BluSmart has not yet issued any formal clarification, the SEBI action against Anmol Jaggi and the insolvency order by NCLT suggest deep-rooted financial distress. If confirmed, the company’s collapse would represent one of the most dramatic implosions in India’s fledgling electric mobility ecosystem.
In the broader context, BluSmart’s downfall underscores the fragility of India’s startup boom — where innovation often outpaces accountability. What began as an eco-friendly alternative to urban commuting now stands as a cautionary tale about unchecked ambition, opaque finances, and the power of a single post to unravel an empire.
