BluSmart

EV ride-hailingIndia

New to Unitard

💀 Dead / Bankrupt

Peak $1 BillionToday

~-100%

from peak

🦄
Became a unicorn
~2024
📈
Peak valuation
$1 Billion ’24
💔
Became a Unitard
2025
💸
Last valuation
Wiped out

Capital raised

$180M

Total raised

$75.8K/day

Raised per day

Total raised averaged per day over approximately 6.5 years from founding to bankruptcy or shutdown. This is not measured cash burn. Methodology

Funding: Inc42/press

Current status

NCLT insolvency 2025; SEBI probe

The rise & fall

5 moments · 2019–2025

The key moments, with employee sentiment along the way.

Jan 2019

Founded in Gurugram

An all-electric ride-hailing service that owns its fleet and its chargers — a green answer to Uber and Ola.

Inc42

2024

The peak: India's all-EV challenger nears $1B$1B

Own cars, own charging hubs and ~$180M raised carry BluSmart to the edge of unicorn status.

Inc42

Apr 2025

The Gensol affair: SEBI alleges fund diversion

Regulators accuse affiliated Gensol Engineering of diverting funds; BluSmart, whose fleet is tied to Gensol, suspends operations within days.

Inc42

2024–25

From the inside · Glassdoor reviews, 2024–25

Glassdoor reviews show a workforce blindsided: employees were still praising the culture into early 2025 — the chronic gripes were office politics and favoritism, not pay — until salaries stopped around March and reviews turned overnight into pleas for months of unpaid wages and final settlements.

2025

NCLT insolvency — joins the Unitard Club 💔

With the fleet grounded and operations suspended, the six-year-old EV pioneer lands in India's insolvency tribunal, the SEBI probe still running.

Inc42

$1Bof peak value erased · 6 years

💬 entries paraphrase anonymous, unverified reviews posted publicly on Glassdoor ↗; dated facts carry their source.

How it happened

BluSmart was an Indian all-electric ride-hailing company that operated its own EV fleet and charging network as a rival to Uber and Ola, approaching a ~$1B valuation around 2024. It unraveled in 2025 amid a SEBI investigation into alleged fund diversion at affiliated Gensol Engineering, ending in suspended operations and NCLT insolvency.

Source: YourStory/Inc42