The Fall of Blue Smart Cabs
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Are you unable to book a Blue Smart cab anymore? The company that once promised to
transform India's roads has suddenly vanished. So what went wrong with one of the
India's most hyped startups? Blue Smart founded in 2019 by Anmol Jaggi and
Puneet Goyal, partnered with GENSOL Engineering to lease electric vehicles. In 2024
SEBI discovered that GENSOL had taken a loan of 978 crore to buy 6,400 electric vehicles.
Yet only 4,700 were actually purchased. The remaining 262 crore was diverted towards luxury apartment,
family transfers, and other expensive goods. Once this came into light
the operation collapsed, sending shockwaves throughout the startup ecosystem and raising serious questions
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