BluSmart Extends Wallet Refund Period to 90 Days, Halts Cab Bookings Amid SEBI Probe Into Gensol Engineering

Electric ride-hailing firm BluSmart has extended the wallet balance return period to 90 days from the original six days. A temproary pause in ride bookings across its operating cities prompted this modification.

BluSmart promised to provide complete wallet balance refunds if the service halts for three months in answer to a user's email inquiry. The company said, "We have decided to temporarily close bookings on the BluSmart app. While we strive to be back soon to serve you with the same warmth and smile, we will initiate a refund within the next 90 days if services do not resume before then"

Many customers suffered after bookings were suspended on April 16 in Delhi-NCR, Bengaluru and Mumbai. Customers are demanding their money back for the remaining wallet balances due to the lack of official information . Many consumers have been contacting the company's helpline for assistance after experiencing issues.

Jaggi Brothers' electric mobility startup enables users to recharge their in-app wallets for seamless cab bookings. However, growing concerns have surfaced on social media over the platform's lack of transparency in its wallet refund process.

BluSmart's fare payment model is differ from other popular ride-hailing platforms in India. Unlike traditional apps where users pay post-ride, BluSmart requires customers to prepay for each trip. Riders have the option to either pay for a single journey or top up their in-app wallets with a larger amount for multiple rides.

How to Request a Refund from Your BluSmart Wallet?

To get a refund from your Blu Wallet, here is a step-by-step guide to help you through the process:

• Open the BluSmart app on your phone.
• Tap the menu icon in the top-left corner then go to the Help section.
• Choose Blu Wallet from the available help topics.
• Scroll to the bottom and under "Does this resolve your issue?", tap the thumbs-down icon.
• This will allow you to connect with BluSmart's customer support team and submit a refund request.

Once your request is reviewed and approved, the refund will be credited back to your account. As per the company's most recent policy, this process may take up to 90 days.

The Securities and Exchange Board of India (Sebi) continued to investigate Gensol Engineering, a business connected to BluSmart. Gensol Engineering is accused of misappropriating more than Rs 200 crore that had been allocated for the acquisition of electric cars.

Sebi have barred the promoters of BluSmart, Anmol Singh Jaggi and Puneet Singh Jaggi from board positions and the securities market. They are charged with transferring loans allocated for financing cars to real estate deals.