BluSmart enters insolvency proceedings amid corporate governance challenges

This comes after a regulatory investigation found its co-founder allegedly diverted and misused funds meant to buy cars.

Travellers move past a closed BluSmart electric car booking counter at T3 parking lot at the Indira Gandhi International Airport in New Delhi.

Credit: Reuters Photo

Electric cab service BluSmart has entered insolvency proceedings as corporate governance challenges mount after a regulatory investigation found its co-founder allegedly diverted and misused funds meant to buy cars, its interim resolution professional firm said on Tuesday.