Alleged fraud by founders of India’s top EV taxi ride-hailing start-up gives investors jitters

BENGALURU – It seemed too good to be true, and it was. Operations at India’s biggest electric vehicle (EV) taxi start-up, BluSmart, have come to a screeching halt after two of its founders were accused of defrauding investors and banks to the tune of millions of dollars. 

BluSmart Mobility had always stood out in

India’s high-volume, middling-quality ride-hailing industry.

Touting its green credentials, BluSmart’s tidy cars, fixed rates with no surge pricing, professional drivers, zero-cancellation policy and punctual pick-ups in Bengaluru, Mumbai and Delhi made it the choice of hundreds of corporate, professional and elderly clients, especially for airport drop-offs and pick-ups.