New Delhi: The abrupt shutdown of BluSmart, an electric vehicle ride-hailing platform, has sparked widespread protests by approximately 10,000 drivers across India. The demonstrations, concentrated in Delhi-NCR, Bengaluru, and Mumbai, highlight the significant financial hardship faced by drivers left with unpaid wages and a lack of clear direction from the company.
Many drivers had praised BluSmart as a superior platform, citing weekly earnings ranging from Rs 8,000 to over Rs 20,000, inclusive of performance-based incentives. However, these incentives reportedly declined in recent months, coinciding with allegations of fund misappropriation by the company’s founders, Anmol Singh Jaggi and Puneet Singh Jaggi.
These allegations are further substantiated by actions taken by the Securities and Exchange Board of India (SEBI), which has barred the Jaggis from accessing the security markets and holding board positions due to accusations of fund siphoning and document forgery within their solar EPC firm, Gensol Engineering, which has close ties to BluSmart.
The situation is particularly dire for over 300 women drivers in Delhi, many of whom are struggling to secure new employment. Compounding the issue, banks have seized some of BluSmart’s vehicles, while others have been acquired by rival electric cab operators such as EVERA. Creditors, including IIFL and Power Finance Corporation, are also taking steps to secure control of the remaining assets.
The driver’s protests underscore the need for clarity regarding their outstanding payments and a more structured approach to supporting those affected by BluSmart’s unexpected closure. The lack of formal communication from the company and the ongoing legal issues surrounding its founders have left drivers feeling abandoned and vulnerable.
