BluSmart investors look to take control

Investors in BluSmart are in talks to buy out promoter Anmol Singh Jaggi in a bid to revive the ride-hailing company, two people aware of the development said.

- T. Surendar

The due diligence and valuation exercises are nearly complete, and some legal hurdles related to transfer of shares from the Jaggis are being ironed out, the people said.

If the transaction goes through, it would protect investors' money, keep drivers employed, and bring BluSmart's blue-and-white electric cabs back on the streets. It would also mean the complete exit of Jaggis, who founded the company six years ago.

Investors led by BP Ventures are in advanced talks to take charge of the company, said the people, who are investors in BluSmart as well as Gensol Engineering Ltd, Jaggis' other company. According to Tracxn, promoters held about 23.98% in BluSmart as of February 2025, with the rest owned by investors including Softbank, Mayfield India Fund, 100 Unicorns, Responsability Investments as well as celebrities like actor Deepika Padukone and cricketer M.S. Dhoni.