In July 2024, the EV Cab Service Bloomart raised Rs 200 crore in funding for new investors, such as Captain Ms Dhoni, a former India cricket team, a private banking firm from Switzerland, and investment of responsibility. The period made total funding from December 2023 to around Rs 710 crore.
It also marked the completion of the Grogram -based company’s pre -series B round, which is about to help businesses – especially those who have established themselves in their own markets and have a loyal user’s basis.
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Then, in January 2025, Blocimart said that it had deposited Rs 5 crore, and that the price of the money before – ie its price, the price before receiving new external funds – was about Rs 333.5 crore.
It appeared, on the riding block, the new child and its promoters, the brothers, was running well for the invaluable and Panet Singh Jaggi, who were also behind the genocal engineering Ltd.
It seems that Blomemart is meeting expectations – that it will revolutionize India’s ride industries. But then came in February 2025, and cracks started coming.
In February, the company allegedly defaulted Rs 30 crore. It is also reported that the company deliberately misled credit rating agencies in December.
In March, the promoters accused “cash flow barriers” for delayed salaries.
Until then, investors have received reports of backing.
And on April 15, 2025, the Securities and Exchange Board of India, or the CB, to buy Rs 262 crore in loans of Rs 262 crore, and Rs 262 crore of brothers, to buy 1,700 EVs, or electric vehicles, in which the purchase of electron related goods in the Gorogram sectors.
Within the next 48 hours, the cracks expanded. Blossmart suspended operations in Delhi, Bangalore and Mumbai, and rivals revealed that they would go around to take their EVs.
So, what has happened to the priceless and Panett Singh Jaggi, and Bloomart?
CB charges
The Sebi has allegedly accused governance matters, turning funds and presenting fake documents.
The summary is that the CB has said that the funds collected to buy EVs for Bloomart by genusols were used for personal enrichment, “layered transactions”.
Red flags include turning Rs 43 crore to buy DLF Onceas apartments, spending Rs 26 lakh on golf clubs imported from the United States, and violating foreign violation of Rs 1.86 crore.
It was also claimed that after the DLF had deposited Rs 5 crore for the apartment, the money was transferred to an outdoor party and not the jeansol, as should have been.
As a result, the regulator has launched an investigation and prevented these brothers from gaining access to the securities market and playing a high level administrative role in genusol.
‘Scandal’ background
Jensal allegedly received Rs 978 crore from public sector lenders, including Indian Renewable Energy Development Agency and Power Finance Corporation, from 2021 to 2024.
These EVs were to be leased and included leased and was included in which the expansion of the Delhi-NCR, Bangalore and Mumbai was developed as a fleet.
But in February 2025, a regulatory filing opened a canal can. Gansol revealed that only 4,704 EVs were purchased, and that only Rs 568 crore was used.
After that, where was the remaining Rs 96 crore? And which became the funds for the remaining funds, which was Rs 262 crore.
Impact on Bloomart?
So far, more than 8,500 Blomemart branded EVs, so far, on the streets of Delhi-NCR, Bangalore, and Mumbai, in fact, is owned by Gansol, which is listed as a renewable energy firm in Ahmedabad, which was laid by the Jagi Brothers in 2007.
The EV, which was purchased by jeansol, was then leased to Bloismart, who operated the ride -powered business and paid jeansol, and its drivers and employees.
And the company was making money. In March 2025, Blomemart said it was expected to reduce profits in the next six constituencies. It states that the total income in October to December quarter in 2024 was Rs 176 crore, and for 10 months it increased by 72 % to Rs 514 crore.
But once the CB order was broken, the Bloomart went off the offline.
Consumers were no longer able to book a taxi, and there is an additional concern for them.
What will be the amount loaded in the prepaid Bloomart Digital Water?
The future of Blomemart is now underway, especially since senior executives have allegedly left and the company can be living as a fleet for rival Uber.
