BluSmart's investors include BP Ventures, responsAbility Investments, Mayfield India Fund, and Survam Partners, among others. Additionally, several high-profile individuals like MS Dhoni, Deepika Padukone, and Ashneer Grover have invested in the company.
BluSmart has temporarily suspended its operations after the Securities and Exchange Board of India (SEBI) initiated an investigation into alleged fraud by the company's promoters. SEBI has accused the Jaggi brothers, co-founders of BluSmart, of diverting funds meant for electric vehicle purchases for personal use.
BluSmart's lenders and lessors are currently selling or leasing out the company's electric vehicles after BluSmart suspended operations due to funding issues and allegations of financial misconduct. Around 1,500 to 2,000 EVs are reportedly being offloaded. Several companies and individuals are involved in the process of selling or leasing these vehicles.