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India’s Uber-rival BluSmart appears to suspend service in wake of EV loan probe
BluSmart, India's all-electric cab-hailing startup that was once seen as an emerging rival to Uber, appears to have suspended service in some cities just
BluSmart, India’s all-electric cab-hailing startup that was once seen as an emerging rival to Uber, appears to have suspended service in some cities just as the country’s market regulator launched a probe into Gensol Engineering, the publicly listed company that shares two of its co-founders. The regulator accused the co-founders of redirecting substantial loan amounts for personal use, including buying luxury real estate on the outskirts of India’s capital. When contacted, co-founder Punit K. Goyal shared screenshots of LinkedIn posts by individuals claiming he was “caught in the storm” due to the alleged corporate governance issues with Gensol.
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