Ride & Mobility
What Went Wrong and What Startups Can Learn
From disrupting Ola and Uber to facing SEBI scrutiny, BluSmart’s journey seems to have taken a sharp turn. Once hailed as India’s leading electric mobility startup with over $200 million in funding—including from global giants like BP Ventures—the company is now at the center of a financial and regulatory storm.
What went wrong with BluSmart? Where does it go from here? And what can the Indian startup ecosystem learn from this?
What’s the Matter?
BluSmart’s troubles trace back to its close links with Gensol Engineering, a publicly listed company in the clean energy and mobility space. Both companies share common founders and a closely intertwined business model.
Unlike Ola and Uber, which typically operate on an asset-light model by leasing vehicles from independent drivers, BluSmart sourced most of its EV fleet from Gensol on lease.
Things started unraveling when India’s market regulator, SEBI, launched an investigation into the two companies. The core allegation? That the loans taken for the purchase of electric vehicles were misused—not for cars, but for real estate acquisitions by the founders.
This alleged diversion of funds has triggered a wider probe, with SEBI terming the misuse as “neither isolated nor contained.”
Following the investigation, several developments have come to light:
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BluSmart has pulled back significantly on its ride-hailing operations.
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Founders of Gensol have stepped down from BluSmart’s board.
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Credit rating agencies downgraded Gensol, citing BluSmart’s payment defaults on its leased EV fleet.
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Gensol’s lenders raised concerns over delays and falsified loan records.
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Gensol’s stock price has plummeted by 85% this year alone.
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Reports suggest that BluSmart may pivot to becoming a fleet provider to Uber, or possibly be acquired by a climate-focused fund such as Eversource.
This isn’t the first red flag. In fact, The Ken had reported on the risks of BluSmart and Gensol’s interconnected business structure last year—pointing out exactly these governance issues.
Why This Matters for India’s Startup Ecosystem
This case goes beyond one startup in trouble—it’s a mirror for the larger startup landscape, especially in sectors that deal with capital-intensive operations and public funding. Here are three big takeaways:
1. Corporate Governance Is Crucial
When founders are running multiple interlinked ventures, clarity, transparency, and robust checks become critical. Conflict of interest can quickly turn into a credibility crisis.
2. Investor Trust Is Non-Negotiable
Using funds for anything other than their stated purpose—especially in capital-heavy sectors like EVs—can cause long-term reputational damage. Trust, once broken, is hard to rebuild.
3. Transparency in Reporting
Timely disclosures, clean audits, and clear financial reporting aren’t just legal formalities—they are foundational to startup sustainability, especially when public investors and regulators are involved.
What’s Next for BluSmart?
As things stand, BluSmart has two likely paths ahead:
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Exit its consumer-facing ride-hailing business and become a B2B fleet provider, possibly partnering with platforms like Uber.
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Or, it could see a strategic acquisition or bailout, with climate-focused investors showing early interest.
Either way, the BluSmart story is no longer about revolutionizing urban mobility—it’s about survival, reinvention, and regaining lost trust.
BluSmart’s current predicament is a cautionary tale for India’s startup ecosystem. Vision and funding can take a company only so far—long-term success demands integrity, transparency, and a solid governance framework.
Will BluSmart manage to navigate this crisis and reinvent itself? Or will it become yet another case study in what not to do?
Only time will tell—but the lessons are here for every founder to see.
Ride & Mobility
Uber and Baidu partner to launch autonomous ride-hailing in global markets
Uber Technologies Inc. and Baidu Inc. have announced a multi-year strategic partnership to deploy autonomous vehicles (AVs) across selected global markets outside the United States and mainland China.
The agreement will see Baidu’s Apollo Go driverless vehicles integrated into the Uber platform, with initial operations expected to begin in Asia and the Middle East later this year.
The partnership aims to enhance ride-hailing services by expanding the availability of autonomous mobility solutions through Uber’s platform.
The collaboration is designed to increase the supply of affordable and reliable rides by supplementing existing transport networks with advanced driverless technology.
Under the terms of the agreement, users requesting eligible Uber trips may be offered the option to travel in a fully autonomous Apollo Go vehicle.
READ MORE: UK DfT fast-tracks self-driving pilots
This marks a significant step in the commercial deployment of AVs beyond pilot programmes and limited urban trials.
Apollo Go currently operates more than 1,000 fully autonomous vehicles and has established a presence in 15 cities worldwide, including Dubai and Abu Dhabi.
As of May 2025, Baidu reports that Apollo Go has provided over 11 million autonomous rides to the public, making it the most widely used driverless ride-hailing service globally by volume.
Co-founder, chairman, and CEO of Baidu, Robin Li, said: “We are committed to bringing the benefit of autonomous driving technology to more people in more markets, and this partnership with Uber represents a major milestone in deploying our technology on a global scale.
“We look forward to working with Uber to deliver safe and efficient autonomous mobility solutions to riders around the world.”
Achievements and innovations in connected autonomous vehicles will be recognised and celebrated at the fourth annual CiTTi Awards on 25 November 2025 at De Vere Grand Connaught Rooms in London. Visit www.cittiawards.co.uk to learn more about this unmissable event for the UK’s transportation sector!
Ride & Mobility
Kakao Mobility pursues Waymo, Baidu partnerships for driverless taxis
A Kakao Mobility self-driving car is being tested in the Pangyo area of Seongnam, Gyeonggi. [KAKAO MOBILITY]
Kakao Mobility, Korea’s top ride-hailing platform operator, is reportedly in talks with global autonomous vehicle leaders to launch a self-driving taxi service in Korea.
Kakao Mobility is pursuing partnerships with the U.S.-based Waymo and China’s Baidu to bring autonomous taxis, also known as robotaxis, to the domestic market through its Kakao T platform, which currently holds over 90 percent of Korea’s taxi-hailing market, according to industry sources and the Ministry of Land, Infrastructure and Transport on Friday.
If these collaborations are finalized and relevant regulatory frameworks are established, Korean users may be able to summon Waymo or Baidu robotaxis via Kakao Mobility’s platform.
The two companies are recognized as leaders in autonomous driving technology. In a March report by global market research firm Guidehouse, Waymo ranked first and Baidu second in autonomous vehicle technology.
“Both companies already operate fully autonomous taxi services — without safety drivers — in urban centers in the United States and China,” an industry official said. “They are widely considered front-runners in autonomous driving with a significant technological lead over competitors.”
Should these robotaxis be introduced to Korea, they would undergo adjustments to meet the country’s road conditions and traffic systems before being deployed for public service.
A Waymo robotaxi seen on a road in San Francisco, California on Oct. 11, 2024 [YONHAP]
Kakao Mobility hopes the vehicles will help accelerate the accumulation of real-world driving data and spur domestic development in the autonomous vehicle sector.
“Rapid progress in autonomous technology requires continuous learning through on-road data,” one automotive expert explained. “Waymo and Baidu have proven the safety of their vehicles in real traffic environments and continue to collect valuable driving data.”
However, even if agreements are reached, significant legal and logistical hurdles remain. Under current Korean law, fully driverless vehicles are not permitted on public roads. Operational areas for autonomous vehicles are also limited.
Expanding to the level of widespread robotaxi deployment seen in parts of the United States and China will take time and require cooperation with Korea’s taxi industry.
“We are in discussions with several leading domestic and international companies regarding service collaborations,” said Kakao Mobility. “However, as talks are ongoing, no specific details or finalized agreements can be disclosed at this time.”
Baidu’s robotaxi RT6, currently in operation in Wuhan, China and other areas, is seen in this photo provided by the company. [BAIDU]
Translated from the JoongAng Ilbo using generative AI and edited by Korea JoongAng Daily staff.
BY YUN JUNG-MIN [[email protected]]
Ride & Mobility
Bolt launches Family Profile in Nigeria to simplify shared rides – Innovation Village
Ride-hailing company Bolt has unveiled a new Family Profile feature in Nigeria, aimed at transforming how families and small support networks coordinate transportation. This new addition enables a single user to manage and pay for rides on behalf of up to nine other people—all within one Bolt account. The move marks a significant shift toward inclusive mobility solutions in a market characterized by communal living and informal ride coordination.
While Bolt is not the first to launch such a feature—Uber pioneered the concept in the ride-hailing space—the platform is strategically adapting the idea to meet Nigeria’s unique mobility dynamics, where multi-generational households are common and transportation responsibilities are often shared among family members.
With the new Family Profile, users can add multiple individuals to a shared account, set monthly ride budgets, and receive real-time notifications about trips. This eliminates the need for constant coordination over phone calls or text messages, which, according to Bolt’s internal data, previously characterized around 2–6% of all rides in Nigeria. These trips often required the payer to relay driver details, track trip progress manually, and resolve post-ride payment concerns—an inefficient and often frustrating process.
Now, riders under the Family Profile can independently request trips through their own Bolt app, while the primary account holder retains complete financial oversight and visibility into ride histories and expenditures. The launch of this feature is part of Bolt’s broader strategy to localize its services and address real-world challenges faced by Nigerian users. For families with elderly members or relatives who may not be tech-savvy, the Family Profile offers a convenient way to ensure safe and reliable transportation without requiring them to navigate the app independently.
“At Bolt, we want to make ride-hailing work for the way people actually move,” said Osi Oguah, Country Manager for Bolt Nigeria. “Family Profile is a simple but powerful way to support others—whether it’s aging parents, adult children, or household staff—without the stress of managing every trip manually. It’s about offering control, visibility, and convenience in one seamless experience.”
The Family Profile maintains Bolt’s strict safety protocols. All added members must be at least 18 years old and possess verified Bolt accounts. The company has clarified that rides cannot be booked for unaccompanied minors, citing legal and safety reasons. However, the feature remains ideal for scheduling transportation for older adults or coordinating rides for family members with limited digital literacy.
This update builds on Bolt’s existing in-app safety features such as trip verification codes, live location sharing, real-time ride monitoring, and emergency assistance options—tools designed to reassure users in an increasingly safety-conscious market.
Bolt’s launch of the Family Profile also comes shortly after reporting a 42% drop in offline (untracked) rides over the past three months, a sign that users are increasingly turning to digital tools for secure and transparent transportation. By integrating family-focused features, Bolt reinforces its ambition to lead the ride-hailing industry in both safety and user empowerment.
The rollout of Family Profile is not just a feature upgrade; it’s a strategic evolution of Bolt’s services, grounded in the everyday realities of Nigerian households. As mobility continues to digitize across the country, innovations like this are likely to play a crucial role in shaping how families move together—safely, efficiently, and with greater peace of mind.
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